Kakao to Raise $90M Thru Private Coin Offering

Raised funds will be used for creating Klaytn blockchain platform
11 March 2019   196

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.

Binance Launchpad to Change IEO Rules

Binance is going to implement the lottery format for the next tokensale campaign
25 March 2019   101

Binance announced a change in the format of the next tokensale on the Launchpad platform to a lottery. At the same time, the number of lottery tickets per account will depend on the size of the steak in the BNB for 20 days before IEO.

Note that one account can get up to 5 lottery tickets. Winners will be selected by randomizer.

BNB Balance to Lottery Tickets Ratio
BNB Balance to Lottery Tickets Ratio

It is noteworthy that within 20 days before the lottery, the BNB-deposit snapshot will be carried out daily at 0:00 UTC to monitor the fulfillment of the conditions.

Each winning ticket will grant the right to purchase tokens for a fixed amount in BNB equivalent. As soon as the user informs the exchange that he is ready to use a certain number of tickets in case of their winnings, this obliges him to purchase tokens and the money will be debited automatically.

Binance acknowledged that the price of BNB may fluctuate due to daily snapshots, and its potential decline may not be covered by the benefit from the new token, and encouraged users to make informed decisions.

In addition, Changpeng Zhao urged the community to comment on the new format in a separate Twitter thread in order to make the necessary feedback-based changes, if needed.

During the Celer Network tokensale on the Launchpad platform again had bandwidth problems; many people did not manage to purchase tokens.