Kakao to Raise $90M Thru Private Coin Offering

Raised funds will be used for creating Klaytn blockchain platform
11 March 2019   518

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.

GRAM May be Traded at Liquid at Triple ICO Price

Bloomberg says that Telegram tokens, that may appear at Liquid will be sold by Gram Asia at $4 per token, but there's no official info from Telegram
04 July 2019   958

Even before the official public release of the cryptocurrency of the messenger, Telegram can increase in price by 200% relative to its value during the initial offer of coins. It is reported by Bloomberg.

As previously reported, Telegram tokens may appear on the Liquid Bitcoin Exchange already on July 10. The distributor is Gram Asia, which calls itself the largest holder of GRAM tokens in Asia. It intends to put up for sale rights to cryptocurrency at $ 4 per unit.

At the same time, one of the investors said to the publication that at the time of purchase the price of 1 Gram was $ 1.33.

It is worth noting, however, that after the announcement of the public sale of Telegram tokens to Liquid, the media reported that this intention had nothing to do with the official plans of Telegram.

Then one of Telegram's investors stated that no one has the right to sell tokens before their official launch in accordance with the signed agreement. Moreover, representatives of the popular messenger noted that they first heard about Gram Asia.

Later, CEO Liquid Mike Kayamora admitted that Telegram has no relation to the placement on Liquid: the deal was concluded exclusively between the exchange and Gram Asia, which allegedly is an incubator for the TON project.

The Block's leading analyst Larry Chermak on several tweets expressed skepticism about the announced Telegram tokenale based on the Liquid stock exchange, saying that he would “think twice before making a decision to invest.”