South Korean Internet Giant Kakao Invests in Blockchain Startup Orbs
South Korea’s largest messaging app operator Kakao has invested in Orbs, an Israeli blockchain startup, Reuters reports Dec. 13.
The report states that Orbs did not disclose the size of the investment. Moreover, the startup reportedly explained that this investment “builds on its existing partnership with Kakao blockchain subsidiary Ground X.”
As Cointelegraph reported in October, Ground X released the testnet of its DApp platform Klaytn ahead of its scheduled release next year. The aforementioned partnership gave place to a collaboration “on blockchain applications and research and development projects.”
According to CrunchBase data, Kakao has raised a total of $1.5 billion in four funding rounds. In addition to KakaoTalk, arguably the Kakao’s most well-known project, the conglomerate includes mobile payment application KakaoPay and internet bank KakaoBank.
Orbs, according to its official website, is developing a “hybrid blockchain” that is interoperable with Ethereum (ETH).
Ground X is also involved in raising funds for Kakao’s own projects. As Cointelegraph recently reported, the subsidiary has already secured the majority of the $300 million Kakao is looking to raise to develop a token for its blockchain platform.