Kakao to Raise $90M Thru Private Coin Offering

Raised funds will be used for creating Klaytn blockchain platform
11 March 2019   197

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.

KuCoin to Unveil First Spotlight IEO Info

First initial exchange offering at Spotlight will be MultiVAC, "a high-throughput and flexible blockchain platform based on trusted sharding computing"
25 March 2019   58

Representatives of the KuCoin marketplace shared some details of the first tokensale on the Spotlight IEO platform.

Let's put our Spotlight on MultiVAC!

It's my pleasure to introduce the pioneering all-dimensional sharding and flexible blockchain to you: MultiVAC, which is also the first project of KuCoin Spotlight.

Michael Gan

CEO, Kucoin

He added that additional details about the first IEO project at KuCoin will appear soon.

As previously reported, a new exchange's token, KuCoin Shares (KCS), will be used to purchase the assets of new projects at Spotlight. To participate in the tokensale users will need to be verified.