Kakao has just announced that it’s launching a fresh round of funding starting today. Kakao has just completed a $90 million fundraising round via a private coin offering – circumventing the ICO ban in South Korea – and is seeking more capital to help get its blockchain platform off the ground. The new blockchain platform will create a blockchain based ecosystem for gaming, streaming videos, instant messaging, and much more. If Kakao manages to pull it off, Klatyn could become the hottest blockchain ecosystem around.
Teaming Up with Professionals
Kakao hasn’t been afraid to put its hand up and ask for help with this ambitious project. It has called upon blockchain experts Ground X to tap into their client base and bring in around 26 companies to develop different segments of the new blockchain ecosystem. Just one of these firms is the incredibly popular Watcha video streaming service. This smart move highlights the potential depth and breadth of services the new blockchain ecosystem could provide to the world. If Kakao ports its wildly popular instant messaging service to the ecosystem, Klatyn could easily become the only platform South Korea will ever need.
Funding Rounds Filling Up Fast
It isn’t just Kakao that’s filling its funding rounds in record time. Last week, Nivaura secured $20 million in a funding round led by the London Stock Exchange. It’s the first time a major stock exchange has dabbled its investment arms into the blockchain world. Over in South Africa, Coindirect raised an incredible R16 million for its latest project to bring crypto to the masses. Bringing crypto to the unbanked and people living out in the wilderness, Coindirect is looking to unleash a new wave of crypto investors on the world.
Dodging the ICO Ban
South Korea is famous for banning all ICO activity in the country until a time where the government can fully regulate the scene. While several counties around the globe are trying their best to achieve this, South Korea has opted for a blanket ban in the meantime – this is why Kakao opted for a private coin offering (PCO). The PCO is the crypto version of a private funding round and is only available to a select group of investors – a smart and sneaky way of bending the rules.
ICOs are back in fashion and are selling out faster than ever before. Fetch.AI sold out their entire ICO in a mere 10 seconds, meaning Kakao is potentially losing out on huge sources of funds by remaining in South Korea. If the government refuses to lift the ICO ban, Kakao could be forced to move elsewhere in order to secure funding.
Klatyn is definitely one of the most anticipated blockchain projects of 2019 – and it’s clear why. Packing some of the most popular services into one sleek, quick, and affordable ecosystem will only allow all companies involved to grow, all thanks to blockchain.
Klatyn is set to launch in June 2019 and we simply can’t wait to try it out!