Applications and Use Cases

Kakao Looks to Singapore for Next Blockchain Move

August 20, 2021

South Korean Internet Company Kakao is reportedly pushing forward with global expansion plans and has recently said it plans to move into the Singapore region next with its blockchain platform, Klaytn.

Blockchain continues to be one of the promising future-ready technologies in IT. The open, immutable, distributed public ledger makes transactions safe and simple for all parties involved.

As cryptocurrency grows as an accepted digital currency today - blockchain technology also grows in dominance as the best way to process these types of payments. It’s also faster and more cost effective and banks across the globe are hoping on board.

The Korea Herald reported this week that the company has new blockchain-based entities in the region — the Klaytn Foundation (a nonprofit organization) and Krust - a global accelerator for blockchain technology.

The first step according to a statement by the company as they begin this move into Singapore is to invest in adding more blockchain developers and businesses to their ecosystem and grow its Klaytn network.

The company has reportedly said they will be investing $300 million towards these efforts.

In addition to the expansion news, Kakao also has added 32 foreign and domestic companies to its Klaytn Governance Council to handle the decisions made regarding Klaytn and the blockchain ecosystem it is building.

Kakao was started back in 2010 as just a messaging app and expanded into banking, entertainment, shopping and content - an area the company will also be expanding as part of its global strategy.

Edited by Luke Bellos



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