Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Kakao wants to keep up with the enterprise blockchain competition in Asia as it eyes expansion to Singapore.
Singapore is reportedly the next port of call for Kakaoâs globalization agenda for its legacy blockchain platform Klaytn.
According to a report by The Korea Herald on Monday, Kakao has established two new blockchain-based entities â the Klaytn Foundation and Krust â in the city-state. The Klaytn Foundation is a nonprofit organization, while Krust serves as a global accelerator for blockchain technology adoption.
Kakao plans to use both entities to foster broad-based penetration of its Klaytn blockchain project in Singapore. Stating its mission during the launch earlier in August, the Kakao Foundation said that it would work âproactively and systematicallyâ to expand the Klaytn network.
âWe will actively invest our human as well as financial resources in developers and businesses of the blockchain world to accelerate the growth of our ecosystem and the development of our technology,â the foundation added.
The Singapore expansion is backed by Kakaoâs $300-million blockchain development war chest that also includes an improvement reserve fund used for service maintenance purposes.
Kakao, like other major South Korean conglomerates, is bullish on blockchain technology. Indeed, when KT Corporation announced plans for a digital currency project in Busan back in December 2019, the news meant that every major conglomerate in South Korea was involved in blockchain-based ventures.
Related: South Korean internet giants bid for central bank digital currency pilot
Closer to home, Kakao recently submitted a bid to pilot South Koreaâs central bank digital currency (CBDC) project, as reported by Cointelegraph. Back in April, blockchain development outfit ConsenSys began developing a private version of Kakaoâs Klaytn network in preparation for a possible CBDC pilot.
The Bank of Korea is expected to select a technology partner for the CBDC pilot later in August. Kakao has also reportedly partnered with 32 Korean and foreign firms as part of the Klaytn Governance Council.
For Kakao, the goal is reportedly one of keeping pace with other major Asian conglomerates like Naver in the AsiaâPacific blockchain theater. Naver is also expanding its Line blockchain project not only in Japan but also in Southeast Asia.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.