Ground X, the blockchain subsidiary of South Korean chat giant Kakao, has raised $90 million in a private coin offering.
Established in March 2018, Ground X developed a blockchain platform, called Klaytn, the provides an enterprise-friendly development environment, optimized computation speed and scalability, as well as UX / UI that is convenient for general users. The platform eliminates the traditional inconveniences such as wallets, private keys, and cryptograph addresses in order to increase user access.
Jason Han, chief executive officer of Ground X, said that the initial funding round, from October to December, reached its target despite the plunge in bitcoin prices. He added that venture capital and private equity funds including IDG Capital, Cresendo Equity Partners and Translink Capital participated in the round. He also said that another fundraising round seeking a similar sum will begin on March 12.
According to Han, Ground X has already partnered with 26 blockchain projects that will run their applications on the Klaytn platform, including game developer Wemade Entertainment Co. and Chinese travel agency Zanadu.
“There’s going to be a wide spectrum of services,” Han said. “We’re continuing to have conversations with Kakao about introducing its apps.”
Han said the Kakao subsidiary will focus on finding a middle ground between existing mobile services and good parts of blockchain technology, adding that he believes gaming apps has the highest potential to gain traction on the platform.
“Ground X seeks to expand its user base to 10 million accounts within a year, riding on the popularity of existing services that will be introduced on the platform,” said Han. “The firm, which currently has 65 employees, will hire aggressively this year. The platform’s launch, initially scheduled for last year, was delayed as it required more development.”
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