South Korean internet giant Kakao Corp has seen major success during its private initial coin offering (ICO) and will raise more funds this week.
Kakao Doubles Down
As Bloomberg reported March 10, Kakao, which confirmed it has raised $90 million from token sales, wants to double the figure to $180 million — and could even do so this week.
The company is building a blockchain platform, Klaytn, via Ground X, a dedicated off-shoot based in Tokyo, Japan. “There’s going to be a wide spectrum of services,” the latter’s CEO Jason Han said. “We’re continuing to have conversations with Kakao [about content.]”
Klaytn’s initial capital round ran from October to December last year, initially reported as a giant $300 million plan, attracting participation from various venture capital outfits including Translink Capital. The goal is for the platform to become a gaming-focused hub. Ground X is currently in agreements with 26 companies to host their apps.
Keeping Regulators Happy
The ICO’s success, meanwhile, presents an…