Another day, another Korean tech giant making a big investment in blockchain.
Kakao, the makers of Korea’s ubiquitous messaging app KakaoTalk, recently announced that its venture capital wing Kakao Ventures has made a strategic investment in the blockchain-based Fintech company Terra.
Why Terra, you ask?
“Terra has designed a stablecoin that can be used as a method of payment on its next-generation blockchain payment solution. It aims to become the first widely used cryptocurrency by pushing adoption through its formidable eCommerce alliance across Asia. To date, the Terra Alliance has a collective annual transaction volume of $25 billion and 45 million users, including Asia-Pacific giants such as TMON, Baemin, Carousell, Qoo10, and Tiki.”
Binance Labs, OKEx, Huobi Capital, Dunamu & Partners, Polychain Capital, FBG Capital and Arrington XRP Capital are some of the heavy hitters who have invested in Terra, launched by the founder of major Korean e-commerce platform TMON.
Kakao Ventures’ investment isn’t Kakao’s first in Terra. In November, Klaytn – Kakao’s blockchain platform – announced a strategic partnership with the project.
Financial News (Korean) reports that Kakao also plans to release a variety of DApps with the launch of Klaytn’s main net sometime in the first half of the year. The company might use the launch of the main net to begin marrying blockchain technology with its existing services, too.
Financial News notes that many big Korean companies—SK Telecom, KT, LG U+, Samsung Electronics, Naver and, of course, Kakao—are releasing blockchain-based services this year. A blockchain insider told the news site, “If last year was the point when we could confirm the possibilities of blockchain technology, this year will be year one for actually applying blockchain technology to the entire society.”
And in other Korea blockchain news…
- South Korean Government And Private Companies Unite To Fund 3 Major Blockchain Projects
(By Komal Zaheer, BlockPublisher)
- Will Samsung’s Crypto Drive Topple Google & Co’s Internet Empire?
(By Tim Alper, CryptoNews)
- A Blockchain Platform Launched Allowing Individuals to Participate in M&A
(By Yoon Young-sil)
- South Korea’s Blockchain Industry to Introduce Various Blockchain Services for Daily Use
(By Ham Jihyun, ETNews)
- This Crypto Surged 200% After Listing on Samsung Galaxy S10 Blockchain Wallet
(By Joseph Young, CCN)
- Could Vladivostok Become a Beachhead for Korea-Russia Cooperation in Blockchain Development? (Korean)
(By Kim Jin Bae, Block Media)