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As it prepares to expand to Singapore, Kakao wants to keep up with the enterprise blockchain competition in Asia.
According to reports, Singapore will be the next stop on Kakao’s internationalisation agenda for its legacy blockchain platform Klaytn.
According to a report by The Korea Herald on Monday, Kakao has established two new blockchain-based entities — the Klaytn Foundation and Krust — in the city-state. The Klaytn Foundation is a nonprofit organization, while Krust serves as a global accelerator for blockchain technology adoption.
Kakao plans to use both entities to foster broad-based penetration of its Klaytn blockchain project in Singapore. Stating its mission during the launch earlier in August, the Kakao Foundation said that it would work “proactively and systematically” to expand the Klaytn network.
“We will actively invest our human as well as financial resources in developers and businesses of the blockchain world to accelerate the growth of our ecosystem and the development of our technology,” the foundation added.
The Singapore expansion is funded by Kakao’s $300 million blockchain development war chest, which also includes a service maintenance enhancement reserve fund.
Kakao, like other prominent South Korean corporations, believes blockchain technology has great potential. Indeed, when KT Corporation announced plans for a digital currency project in Busan in December 2019, it signalling that every major South Korean corporation was interested in blockchain-based businesses.
Closer to home, as reported by Cointelegraph, Kakao recently submitted a bid to pilot South Korea’s central bank digital currency (CBDC) initiative. ConsenSys, a blockchain development firm, began working on a private version of Kakao’s Klaytn network in April in preparation for a prospective CBDC experiment.
Later in August, the Bank of Korea is anticipated to select a technology partner for the CBDC experiment. Kakao is also said to have formed a Klaytn Governance Council comprising 32 Korean and global companies.
According to reports, Kakao’s ambition in the Asia–Pacific blockchain theatre is to stay up with other significant Asian businesses such as Naver. Naver is also expanding its Line blockchain project outside of Japan, towards Southeast Asia.