Kakao Corp – South Korea's largest Internet conglomerate plans to redo its ICO. This is after the company's crypto unit – Ground X raised $ 90 million from investors in a previous ICO.
Kakao Corp purchases another $ 90 million
The plan to raise another $ 90 million is being overseen by Klaytn, the block-chain platform responsible for Ground X. The company plans to increase the investment this week.
Late last year, the South Korean conglomerate announced plans to raise $ 300 million to develop its own brand.
Ground X CEO Jason Han said IDG Capital, Cresendo Equity Partners and Translink Capital are some of the venture capital and private equity funds expected to participate in the upcoming ICO round.
It has also been revealed that Chinese travel agency Zanadu, game developer Wemade Entertainment Co, is just a handful of the 26 companies likely to run their applications on the Klatyn platform.
The CEO has also announced that cocoa is likely to add its own services to the platform. This has not been confirmed yet.
Hans also said, "There will be a wide range of services […] We continue to talk with cocoa. "
The company also noted that it has about 65 employees, and it is expected to hire more employees as the platform gets closer.
The reason for the delay in introducing the Klatyn platform, which was originally scheduled for 2018, was also revealed. Han explained that this was due to the need for further development of the platform.
South Korea's well-known restrictions on cryptocurrency and blockchain technology have not stopped the company from tracking its crypto targets. Cocoa ICO tokens are only available to registered and approved private investors.
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