Korean Giant Kakao Expanded Its Blockchain Presence In Singapore

The Korean giant Kakao expanded its blockchain presence in Singapore while wanting to keep up with the competition in the region as we are reading more in our latest blockchain news today.

Singapore is the next port of call for the Kakao globalization plan for its legacy blockchain platform Klatyn. As per the reports by the Korean Herald, Kakao established two new blockchain-based entities-Krust and Klatyn Foundation in the city-state. The Klatyn Foundation is a non-profit organization while Krust is a global accelerator for blockchain technology adoption. Kakao plans to use both entities and start fostering broad-based penetration for the blockchain project Klatyn in Singapore. While stating its mission during the launch in August, the Korean giant Kakao said that it will work systematically and proactively to expand the network:

“We will actively invest our human as well as financial resources in developers and businesses of the blockchain world to accelerate the growth of our ecosystem and the development of our technology.”

The Singapore expansion is backed by Kakao’s $300 million blockchain development war chest which includes an improvement reserve fund used for service maintenance purposes. Kakao is bullish on blockchain technology and when the KT Corporation announced more plans for the digital currency project in Busan back in 2019, the news meant that each major conglomerate in the country is involved in Blockchain-based ventures.

Closer to home, Kakao submitted a bid to pilot south Korea’s central bank digital currency project and at that time, the blockchain development outfit Consensys started developing a private version of the Klatyn network in preparation for a new central bank digital currency pilot. The Bank of Korea will now select a tech partner for the CBDC pilot in August and it also partnered with 32 Korean and foreign companies as part of the Klatyn Governance council. For Kakao the goal is one of the companies keeping pace with another major Asian conglomerate like Naver in the Asia Pacific blockchain theater. Naver will also expand its Line blockchain project in Japan and other parts of Southeast Asia

As we read recently, Some of the biggest tech giants of south Korea Kakao, SK, and Naver are joining in on the central bank digital currency race. According to KBS and Chosun, the bidding process became a three-way battle between a chat app operator and chat app service like Naver and Kakako along with heavyweight SK. The BOK closed the bidding with consortiums or solo bids led by Kakao’s blockchain subsidiary Ground X, the Naver affiliate Line Plus and the SK arm vying for approval by the Bank of Korea.