Kakao Corp—South Korea’s largest internet conglomerate is planning to repeat its ICO. This is after the crypto unit of the company— Ground X netted $90 million from investors from a previous ICO.
Kakao Corp to Raise Another $90 Million
The plan to raise another $90 million is going to be overseen by Klaytn, the blockchain platform which is responsible for Ground X. The firm has the plan to raise the investment as soon as this week.
Late last year the South Korean conglomerate, announced plans to raise $300 million for the development of its own token.
The CEO of Ground X, Jason Han, stated that IDG Capital, Cresendo Equity Partners and Translink Capital were some of the venture capital and private equity funds expected to participate in the upcoming ICO round.
It has also been revealed that Chinese travel agency Zanadu, Game developer Wemade Entertainment Co are few of the 26 companies expected to run their applications on the Klatyn platform.
The CEO also made it known that Kakao is likely to add its own services to the platform, however, this hasn’t been confirmed yet.
Hans also stated that: “There’s going to be a wide spectrum of services […] we’re continuing to have conversations with Kakao.”
The company, also noted that it has about 65 employees, and he is likely to hire more workers as the platform gets closer.
The reason for the delay in the launch of the Klatyn platform which was originally stipulated for 2018, was also revealed. Han stated that it was due to the need for more development on the platform.
South Korea’s well-known restrictions towards cryptocurrency and blockchain technology, has not deterred the company from pursuing its crypto goals. As regards its plans to raise funds through an ICO, Kakao ICO tokens will only be available for registered and authorised private investors.