Korean Internet Giant Opens Blockchain Units in Singapore
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Kakao Group will pursue the globalization of its public blockchain project, Klaytn, from the city-state.
South Korea’s Kakao Group has established two new blockchain entities in Singapore – nonprofit Klaytn Foundation and global accelerator unit Krust, it announced in a statement.
Kakao Foundation said in a statement that it would work proactively and systematically to expand the Klaytn network, while Krust, led by Dean Song, will work with the foundation to help accelerate its mission.
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 said. Founded in 2010, Kakao Group operates messenger app KakaoTalk and internet bank KakaoBank. Kakao also recently won a bid to pilot South Korea’s central bank digital currency (CBDC) project.
The Singapore development is funded by a $300 million blockchain development war chest that also includes an improvement reserve fund used for service maintenance purposes.
Questions & Answers
Q.What are the names of the two new blockchain entities established by Kakao Group in Singapore?
What are the names of the two new blockchain entities established by Kakao Group in Singapore?
Kakao Group has established the Klaytn Foundation, which is a non-profit, and Krust, which will function as a global accelerator unit. These entities aim to expand the Klaytn network and accelerate its mission.
Q.What is the primary purpose of the Klaytn Foundation and Krust?
What is the primary purpose of the Klaytn Foundation and Krust?
The Klaytn Foundation will proactively expand the Klaytn network, while Krust will work with the foundation to accelerate its mission. Both will invest resources in developers and businesses to grow the ecosystem and develop technology.
Q.How is Kakao Group funding its blockchain development efforts in Singapore?
How is Kakao Group funding its blockchain development efforts in Singapore?
The Singapore development is funded by a $300 million blockchain development war chest. This fund also includes an improvement reserve fund, which is designated for service maintenance purposes.
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