Kakao Invests In Israeli Blockchain Startup Orbs
Kakao, the leading Internet company in South Korea, has invested in Israeli blockchain startup Orbs, Reuters reports.
The parties do not disclose the amount, it is only known that the investments are based on the existing partnership between the startup and a blockchain company Ground X, a branch of Kakao. Orbs representatives state that these investments will contribute to the further development of the startup.
According to CrunchBase, Kakao managed to raise investments totalling $1.5 billion during four rounds of financing. Kakao is more known for its KakaoTalk messenger, besides, the company has a payment application KakaoPay and KakaoBank, an Internet bank.
Orbs is mainly focused on the development of the so-called “hybrid blockchain”, compatible with the Ethereum network.
In October 2018, Kakao’s Ground X division launched a test version of its own Klaytn blockchain. The throughput of this network is about one and a half thousand transactions per second, which allows the system to work transparently and scale better. The full launch of Klaytn is scheduled for 2019.
The Ground X startup is also involved in fundraising for Kakao projects. In early December 2018, the branch managed to raise $300 million, which will be used for developing of the Internet company's own token.