Korean internet giant Kakao wants to keep up with the blockchain enterprise competition in Asia as it expands its blockchain presence to Singapore
According to reports, Singapore will be the next stop on Kakao’s globalization plan for its legacy blockchain platform Klatyn.
The Korea Herald reported on Monday that Kakao has launched two new blockchain-based businesses in the city-state, the Klatyn Foundation and Krust.
The Klatyn Foundation is a non-profit organization, and Krust is a global accelerator for the adoption of blockchain technology.
Kakao intends to leverage both businesses to help its Klatyn blockchain project gain traction in Singapore. The Kakao Foundation stated its objective during the launch earlier this month, saying that it will work “proactively and systematically” to build the Klatyn network.
The foundation stated, “We will actively invest our human and financial resources in blockchain developers and enterprises to accelerate the growth of our ecosystem and the development of our technology.”
The growth in Singapore is sponsored by Kakao’s $300 million blockchain development fund, which also includes a service maintenance enhancement reserve fund.
Like other large South Korean businesses, Kakao is optimistic about blockchain technology. Indeed, when KT Corporation revealed intentions for a digital currency project in Busan in December 2019, it signalled that every major South Korean company was interested in blockchain-based projects.
According to Cointelegraph, Kakao has submitted a bid to pilot South Korea’s central bank digital currency initiative.
ConsenSys, a blockchain development firm, started working on a private version of Kakao’s Klatyn network in April in anticipation of a possible central bank digital currency (CBDC) experiment.
Later in August, the Bank of Korea is anticipated to choose a technology partner for the CBDC experiment. As part of the Klatyn Governance Council, Kakao is said to have worked with 32 Korean and overseas companies.
In the Asia Pacific blockchain theatre, Kakao’s ambition is apparently to keep up with other significant Asian businesses like Naver. Not only in Japan, but also in Southeast Asia, Naver is expanding its Line blockchain project.
