Kakao to Raise $90M Thru Private Coin Offering

Raised funds will be used for creating Klaytn blockchain platform
11 March 2019   357

The developer of the popular messenger KakaoTalk South Korean Kakao Corp. attracted $ 90 million investment to create its own blockchain platform Klaytn. Funding received through a private coin offering, reports Bloomberg.

The participants of the investment round were the funds of IDG Capital, Translink Capital and Crescendo Equity Partners.

Plans to create Klaytn, using the subsidiary of Kakao Corp. company Ground X became known in March last year. Initially, the launch of the platform was planned until the end of 2018, but was postponed several times.

According to the white paper of the project, which was published in November, it was expected that Klaytn will begin work in the first quarter of this year, but now this date has been rescheduled - the new date is already June.

It is noteworthy that Kakao Corp. intends to raise another $ 90 million in funding. A new investment round starts tomorrow, March 12th.

According to CEO Ground X Jason Han, for the first year of the platform, the company intends to register 10 million user accounts. It is also planned to expand the staff, which currently is 65 people.

Ground X plans to integrate various third-party services into the platform, including games and applications for travelers. To transfer the solutions to the blockchain, 26 companies have already been attracted, among which Jason Hahn calls game developer Wemade Entertainment Co. and Chinese travel agency Zanadu.

Bitfinex to Unveil Tokinex IEO Platform

Information on first campaign will be available this Thursday, May 23rd
21 May 2019   113

Bitfinex cryptocurrency exchange announced the launch of an IEO platform called Tokinex.

The Bitfinex blog reports that information on the first IEO on the new platform will appear already this Thursday, May 23rd. The very same initial exchange offer will take place on June 13.

What it means to be an exchange has evolved to become an entire ecosystem, not just limited to the remit of trading digital assets. We are proud to finally launch Tokinex and bring the opportunity for participation in quality token sales in a fair environment.

Bitfinex Team

To participate in IEO on Tokinex, users of the exchange will have to undergo KYC identification using the Blockpass mobile app. After that, investors will be able to transfer funds from the exchange to the account for the purchase of new coins on the eve of the tokensale.

According to The Block, Bitfinex plans to hold approximately two IEOs per month. In the commentary on the publication's tweet, the representatives of the exchange specified that the new platform would not charge for listing.

Earlier, Bitfinex managed to attract $ 1 billion in private IEO. The LEO token started trading yesterday, May 20.