Kakao's blockchain subsidiary forges strategic ties with Israeli firm

Lim Chang-won Reporter Posted : 2018-08-29 16:15 Updated : 2018-08-29 16:15
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[Courtesy of Kakao]


SEOUL -- Ground X, a blockchain subsidiary of South Korea's top message-app operator Kakao, forged strategic cooperation with Orbs, an Israeli hybrid public blockchain company, to work together on the development of a blockchain platform code and joint research.

Ground X CEO Jason Han promised to develop an internationally viable platform through cooperation with other tech firms at home and abroad. "We will cooperate with excellent blockchain technology firms and organizations at home abroad to develop a blockchain platform with high completeness and build a healthy blockchain ecosystem."

Kakao established Ground X in Japan in March in an effort to develop a stable blockchain platform that would be open to domestic and foreign firms.

"We will create Asia's representative platform where anyone can participate and lead the blockchain field by forming a network with IT companies around the world," Kakao co-CEO Joh Su-yong said earlier.

Hauled by the popularity of platforms for digital advertisements, e-commerce and other services, Kakao has seen its dramatic growth to become one of the most coveted stocks at home, but it has been cautious in jumping into the blockchain industry.

Domestic rivals including Naver have tried hard to develop blockchain platforms. Naver's smartphone messenger app service LINE, based in Japan, has said that it would launch a variety of "dApp" services this year by combining blockchain with its platform.