Kakao's Crypto Unit Raises $90 Million in Private Coin Offering
- Ground X plans to raise similar sum starting on Tuesday
- Kakao mulling launching services on unit’s blockchain platform
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Kakao Corp.’s crypto unit raised $90 million through a private coin offering and is planning another round targeting a similar sum starting March 12, as it gears up to launch its blockchain platform in June.
The initial funding round, from October to December, reached its target despite the plunge in bitcoin prices, according to Jason Han, the chief executive officer of Kakao’s blockchain unit Ground X Corp. Venture capital and private equity funds including IDG Capital, Cresendo Equity Partners and Translink Capital participated in the round, he said. Bitcoin closed at $3868.84 on Friday, less than a quarter of its peak in December 2017.