Jason Han, CEO of Kakao’s blockchain subsidiary firm, Ground X, announced on Aug. 29 that the company has signed an MOU with Orbs, a hybrid blockchain technology firm based in Israel, for strategic cooperation.
The two companies agreed on a plan to focus on cooperation, not competition, to develop a blockchain ecosystem and expand the base for the game-changing technology.
Orbs announced its own public-blockchain platform last November and through its sister company, Hexa Labs, has been providing technical services to companies who want to apply blockchain technology to their businesses.
Through this MOU, the two companies will work together on shared components, such as a crypto library, mutual security audits, autonomous swaps, etc.; conduct mutual code and paper peer reviews; participate and help with the technical part of hackathon events (e.g., as mentors, judges, workshops, or speakers); act as mutual references and assist with mutual business development; and lastly, collaborate on joint research papers together.
By collaborating with Orbs representing Europe and the Middle East, Ground X will see more diverse business opportunities being realized in the future.
Jason Han said that this MOU with Orbs is a part of Ground X’s plan to form the Blockchain Tech Alliance. He also said, “We are planning to collaborate with other outstanding local and global blockchain tech companies and institutions to develop a high-end blockchain platform and to create a sound blockchain ecosystem." He went on, "Not only covering technologies of blockchain platforms, we will also build a collaborative network covering diverse areas including security and DApp technologies."
A co-founder of Orbs, Uriel Peled said, “Partnering with Ground X on innovative blockchain development will facilitate the continued evolution of both of our platforms, and enable real-businesses at the forefront of dApp development to experience unrivalled security, liquidity and scalability." He added, "It's no coincidence that Orbs decided to open its first office outside of Israel in South Korea. With leading Korean conglomerates such as Kakao entering the space, an advanced fintech economy with mass culture of mobile-payments adoption and favourable regulators, Korea has the potential to become the 'blockchain nation.' Korea is in a unique position to become the global leader in blockchain, and we're excited to be a part of it.”