Kakao Investment funds Israeli Blockchain platform ‘Orbs’

Orbs' Ethan Chernofsky at the World Blockchain Summit in Korea. Photo courtesy: Orbs Twitter

Kakao Investment, the venture arm of Kakao Corp., South Korea’s internet giant, recently invested in Israeli blockchain startup Orbs. According to a report, the hybrid blockchain platform Orbs has raised about $15 million in the form of cryptocurrency, with Kakao’s support. Orbs already has a partnership with Kakao’s blockchain subsidiary Ground X, for developing applications for the network.

Investment to boost research & development

Orbs has said the investment from Kakao will help it further its development and growth. “It will also help the startup build on its existing partnership with Kakao blockchain subsidiary Ground X,” as per a statement from Orbs.

Orbs was recently recognised as an emerging blockchain technology vendor by leading research firm Gartner. Orbs has been created to offer a public blockchain system with utility and flexibility. The blockchain platform allows business developers a second layer for decentralised applications that need a more secure, scalable, and cost-efficient solution while maintaining the liquidity of a base layer.

Orbs has expanded its operations into South Korea with an office in Seoul. The startup announced in early 2018 that its production-ready platform shall be ready by early 2019. The recent investment from Kakao has boosted the chances of a versatile platform.

‘Supporting enterprising startups’

Kakao Ventures is one of the leading VCs in South Korea, with a focus on everything mobile and software. Kakao Ventures’ mission is to be support-smart entrepreneurs with a competitive edge startup that offer solutions to real world problems. “The focus of Kakao Investment is to identify key trendsetters and innovators in the blockchain sector and Orbs is a great example. The company has developed an innovative business model and possesses unique technological capabilities, enabling us to support the company and maximize its potential,” according to a media statement by Kakao Investment’s representative.

Kakao Ventures is the investment arm of leading South Korean Internet company Kakao that operates the country’s leading chat app KakaoTalk. Kakao Corp. has been aggressively making inroads into the blockchain business. The VC has invested in Dunamu, that manages South Korea’s cryptocurrency exchange platform Upbit. Kakao also launched its blockchain subsidiary Ground X in Tokyo in March 2018.

Articles from koreatechtoday

Articles from asiatechdaily

Articles from koreagamedesk

February 14,2020

Articles from koreatravelpost

Articles from kpoppost

About KoreaTechDesk Editor

KoreaTechDesk is a trustworthy source for news on the start-up industry in South Korea. It focuses on various tech start-ups, which are developing some unique and interesting products. press@koreatechdesk.com

View all posts by KoreaTechDesk Editor →

Leave a Reply

Your email address will not be published. Required fields are marked *

three × 3 =