Kakao Investment considers acquiring Cosmochain’s FitsMe service

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.

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 is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.