To Expand Ecosystem for Klaytn Blockchain Platform

Kakao has launched a blockchain subsidiary in Singapore.

Kakao announced on Aug. 16 that it has set up a subsidiary dubbed "Krust" in Singapore to expand the ecosystem for its blockchain platform "klaytn." Kakao also has the Klaytn Foundation, a non-profit corporation, in Singapore.

"The establishment of Krust means that we will globally expand the development of blockchain services and ecosystems, which has thus far led by Ground X," a Kakao official said. "Ground X will be in charge of Klayton blockchain services, while Krust will play an overarching role of fostering blockchain companies and finding investment opportunities."

Blockchain lies at the core of Kakao's overseas expansion strategy. Yeo Min-soo and Cho Soo-yong, co-heads of Kakao, declared “Kakao 3.0” in 2018, in which blockchain and content were supposed to lead Kakao’s efforts to enter overseas markets.

Kakao has secured 32 domestic and international governance councils and is going ahead with projects that utilize blockchains in each company's business area.

Starting in the second half of 2021, Kakao will invest in startups and developers with US$300 million Klaytn Growth Fund to expand the Klaytn ecosystem globally. It also prepared Klaytn Improvement Reserves (KIR) to support public infrastructure and services that contribute to Klaytn’s ecosystem.

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