Kakao is planning to expand its blockchain business to global markets.
According to Kakao on the 16th, it recently established its subsidiary ‘Krust’ in Singapore. It will expand Kakao’s blockchain platform ‘Klaytn’ ecosystem with ‘Klaytn Foundation.’
Song Ji-ho, Director of Kakao community growth center, will be a CEO of Krust. CEO Song is one of the founding members of Kakao and a close aide to Kim Bum-soo, chairman of the board of directors. Other Kakao founding members, Kang Joon-yeol, a former chief service officer and Shin Jung-hwan, a former vice president of Kakao will also join.
It is reported that Krust will support and invest in blockchain-related companies.
Kakao has begun to expand the Klaytn ecosystem. It has secured 32 Korean and foreign governance counsel companies (the consultation participating in major decision-making processes such as technology and business) and is promoting projects that utilize blockchain in each business area.
It is also planning to invest in start-ups and developers through $300 million worth of ‘Klaytn Growth Fund (KGF)’ to expand Klaytn ecosystem globally. It also prepared ‘KIR (Klaytn Improvement Reserve)’ to support public infrastructure and services that contribute to Klaytn's ecosystem.
By Global Economic Reporter Jin Woo Noh