Kakao Corp raises $90M for its blockchain platform

Kakao Corp., the parent company of a South Korean messaging app KakaoTalk, raised $90 million in a private coin offering for its upcoming blockchain platform, as reported by Bloomberg. The company is planning to have another round, similar in size, in March. IDG Capital, Crescendo Equity Partners and Translink Capital participated in the round, per Bloomberg.

The blockchain platform dubbed Klaytn, which is planned to launch in June, will start with popular third-party services such as games and travel apps but eventually could support some messaging features of KakaoTalk. Klaytn already has 26 partnerships lined up with apps that already have millions of daily active users. The platform aspires to attract a user base of 10 million accounts within the first year.

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Larry joined crypto research full time in early 2017 and has expertise in capital markets, market structure and early stage DeFi companies/protocols and token economics. He has a background in economics and finance.