Message App Firm Kakao Seeks Partners for Its Blockchain Venture
- Unit may raise money through private placement next month
- Korean firm targets alliances with consumer-service firms
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South Korea’s dominant message-app operator is considering a private placement next month to raise funds from partners interested in helping to build its crypto platform.
Ground X Corp., a blockchain subsidiary of Kakao Corp., may initially seek capital and business alliances with consumer-service companies, Jason Han, the unit’s chief executive officer, said in an interview. Ground X is targeting firms that, like Kakao, have internet or mobile services that could be offered over a blockchain platform, he said. Plans are still subject to change, Han said.