Kakao Investment considers acquiring Cosmochain’s FitsMe service

Layer 1s • July 4, 2019, 5:53AM EDT
UPDATED: July 4, 2019, 9:48AM EDT
The Block

South Korean messaging app giant Kakao’s venture arm Kakao Investment is considering buying FitsMe, a beauty product recommendation service from blockchain startup Cosmochain, Cosmochain told The Block Thursday.

Cosmochain further said that it is “not decided” whether Kakao will be acquiring the management rights of Cosmochain. Cosmochain also did not disclose a specific investment amount or stake that is being considered by Kakao Investment.

Cosmochain said that Kakao Investment's consideration in acquiring FitsMe has “nothing to do with Kakao Hairshop.” News 1 Korea reported that the acquisition is aimed at introducing a new beauty service by linking Kakao’s hair salon booking service Kakao Hairshop to Cosmochain’s upcoming blockchain-based beauty social media decentralized app or dapp Cosmee.

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Interestingly, Cosmee is one of the supported dapps for the Samsung Galaxy S10 smartphone.

However, Cosmochain recently announced that Cosmee will be integrated into FitsMe and be serviced on Kakao’s blockchain platform Klatyn.

UPDATE: Our previous story, citing a report from News 1 Korea, said that Kakao will acquire management rights in Cosmochain’s operator Blandid via its venture arm Kakao Investment. After the publication of that article, Cosmochain reached out to The Block and clarified the news.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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