According to reports, Singapore will be the next stop on Kakao’s globalization agenda for its legacy blockchain platform Klatyn.
According to a report published on Monday, Kakao has established two new blockchain-based entities in the city-state, the Klatyn Foundation and Krust. The Klatyn Foundation is a non-profit organization, and Krust is a global accelerator for the adoption of blockchain technology.
Kakao intends to use both entities to expand the reach of its Klatyn blockchain project in Singapore. The Kakao Foundation stated its mission during the launch earlier this month, saying that it will work “proactively and systematically” to expand the Klatyn network.
“We will actively invest both human and financial resources in blockchain developers and businesses to accelerate the growth of our ecosystem and the development of our technology,” the foundation added.
The Singapore expansion is backed by Kakao’s $300 million blockchain development war chest, which also includes a service maintenance improvement reserve fund.
Kakao, like other major South Korean conglomerates, sees blockchain technology as promising. Indeed, when KT Corporation announced plans for a digital currency project in Busan in December 2019, it meant that every major South Korean conglomerate was involved in blockchain-based ventures.
Closer to home, Kakao recently submitted a bid to pilot South Korea’s central bank’s digital currency project. ConsenSys, a blockchain development firm, began working on a private version of Kakao’s Klatyn network in April in preparation for a possible central bank digital currency (CBDC) pilot.
Later in August, the Bank of Korea is expected to select a technology partner for the CBDC pilot. As part of the Klatyn Governance Council, Kakao is said to have formed a partnership with 32 Korean and foreign companies.
According to reports, Kakao’s goal in the Asia Pacific blockchain theater is to keep up with other major Asian conglomerates such as Naver. Naver is also expanding its Line blockchain project outside of Japan, into Southeast Asia.