Kakao Group establishes blockchain units in Singapore as it eyes expansion

  • Kakao launches two new blockchain units in Singapore
  • The internet giant wants to use these companies to expand its blockchain business globally
  • South Korean companies are bullish on blockchain technology

Korean internet giant Kakao wants to expand its blockchain ventures abroad and has established two new blockchain units in Singapore.

Kakao launches two blockchain units in Singapore

Kakao Group, one of the leading internet companies in South Korea, has launched two new blockchain units in Singapore. In a report by The Korean Herald earlier today, the move is geared towards the company’s planned expansion into other countries.

The internet giant recently established the nonprofit Klaytn Foundation and global accelerator unit Krust in Singapore. This would allow Kakao to expand its blockchain operations to other countries.

The company said, “We will expand the Klaytn World – more proactively and systematically. 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 expansion into Singapore is supported by the company’s $300 million blockchain development fund.

South Korean companies remain bullish on blockchain technology

South Korea has tough regulations on cryptocurrency exchanges, dictating how they operate to ensure maximum protection to the investors. However, the leading companies in the country are bullish on blockchain technology.

Kakao’s latest move shows its faith in the nascent technology. The company previously submitted a proposal to pilot South Korea’s central bank digital currency project.

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