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South Korea’s Kakao Corp Set to Launch Blockchain Platform in June

Kakao Corp of South Korea recently announced its plan to launch its own blockchain platform. Ground X, the blockchain division of the South Korean giant, revealed the company’s plans on May 13 during Consensus 2019.

Ground X

According to Ground X’s announcement, the Klaytn mainnet will be unveiled on June 27 and will reportedly be one of the main movers pushing for blockchain adoption in South Korea.

Kakao currently has a 96 percent market share in the technologically-driven Asian country. It has a strong presence in gaming, messaging, content services, mobility and financial services.

Kakao 3.0

The South Korean behemoth previously revealed its intention of developing its own platform back in March. The move was part of Kakao Corp’s new business plan dubbed Kakao 3.0. But previous to that revelation, Kakao already came out with a testnet model of Klaytn in October 2018.

Klaytn was said to concentrate on decentralized apps (Dapps). The company’s developers were reportedly working on about ten international and domestic partners back in October to try out the new ecosystem.

Additional $90M Raise

Kakao has been busy preparing for Klaytn. The company recently renewed its initial coin offering (ICO) in a bid to raise an extra $90 million for the platform. The company had announced in December last year of its plans to try and raise $300 million via Ground X to design a native token.

South Korea’s internet giant is said to also have plans to unveil an integrated crypto wallet in KakaoTalk, its renowned messaging app. According to Fnnews, the wallet will be released on the heels of the Klaytn mainnet.

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