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Kakao Corp’s Ground X Plans to Extend ICO Subsequent to Raising $90 Million

The cryptocurrency unit of Kakao Corp, South Korea’s largest internet conglomerate will reiterate its ICO after netting $90 million from investors, as per the report of Bloomberg on Mar. 11.

The blockchain platform, Klaytn, which is the responsibility of spin-off firm Ground X, will now seek to raise another $90 million as soon as this week. In December 2018, Kakao had first announced that it was planning to raise around $300 million through Ground X to develop its own token.

As per Jason Han, CEO of Ground X, Cresendo Equity Partners, IDG Capital, and Translink Capital were some of the private equity and venture capital funds to participate in the Initial Coin Offering round.

Chinese travel agency Zanadu and game developer Wemade Entertainment Co. are among the twenty-six companies that will run their applications on the Klatyn platform. Furthermore, Han noted that Kakao is considering adding one of its own services to the platform. However, this has not been confirmed. Han told Bloomberg that there’s going to be a wide spectrum of services and they are continuing to have conversations with Kakao.

The company, which at present has sixty-five employees, also plans to hire more as the launch gets closer. Han also noted that the postponement in the launch, which was formerly scheduled for 2018, has been due to additional development required on the platform.

As per previous media reports, the internet giant managed to get around progressively more strict regulatory policies in both South Korea and elsewhere by ensuring its Initial Coin Offering tokens were only available to register, vetted private investors.

It is to be noted that the continued success comes as South Korean lawmakers constantly monitor the country’s zero-tolerance policy to Initial Coin Offerings, which became illegal in 2017. Interestingly, Ground X is headquartered in Japan.

Last month, Kakao divulged in its latest earnings statement that spending on new technologies, including blockchain, topped $57 million in Quarter 4.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
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Bitcoin Cash157.83 0.08 % 0.82 % 0.15 %