Kakao, a Korean internet company, plans to expand blockchain in Singapore

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Kakao is pushing Klaytn’s expansion to Singapore as part of its globalization quest.

Report Monday, The Korea Herald DisclosureThe creation of the Klaytn Foundation’s city-state and Krust, new Kakao-based entities. Krust is a global acceleration for blockchain adoption. Klaytn Foundation on the other side is a charitable organisation.

According to the plan of the internet company in Singapore, the two entities will be used by the internet company to facilitate widespread penetration of its Klaytn Blockchain project.

The Foundation also outlines its mission to carry out systematic and active operations in the expansion of Klaytn’s network. This disclosure was made earlier in August by the Foundation, at the time it launched.

The Foundation is also ready to commit financial and human resources. It claims that this will increase its ecosystem’s growth and further develop its blockchain technology.

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Kakao’s $300 million development fund supports Singapore’s growth. As part of its expansion budget, Kakao also inculcates a reserve fund for improvement that is exclusively dedicated to maintaining services.

Kakao’s trend for expansion

Similar to other South Korean conglomerates, the internet firm is showing an interest in blockchain technology. Remember the December 2019 announcement by the KT company about its plans to launch a cryptocurrency-based project in Busan. This is evident in the participation by every South Korean conglomerate to blockchain-based investments.

Cointelegraph reported the submission by the company of a bid to lead the South Korea Central Bank (CBDC), digital currency project. ConsenSys, an blockchain development company, also initiated the development of a private version Kakao’s Klaytn network in April. This was done in anticipation for the CBDC pilot.

The Bank of Korea alone will likely choose the right technology partner for its CBDC pilot project which is set for later in August. Kakao is a well-known company that has collaborated with more than 32 companies, including Korean. These are only a small part of the Klaytn Governing Council.

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Kakao hopes to keep pace with other large Asian conglomerates like Naver in the Asia-Pacific Blockchain Theater. Naver also has expansion plans for his Line Blockchain project. These plans extend beyond Japan to Southeast Asia.

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