Kakao wants to keep up with the enterprise blockchain competition in Asia as it eyes expansion to Singapore.
Singapore is reportedly the next port of call for Kakao’s globalization agenda for its legacy blockchain platform Klatyn.
According to a report by The Korea Herald on Monday, Kakao has established two new blockchain-based entities — the Klatyn Foundation and Krust — in the city-state. The Klatyn Foundation is a non-profit organization while Krust serves as a global accelerator for blockchain technology adoption.
Kakao plans to use both entities to foster broad-based penetration of its Klatyn blockchain project in Singapore. The Singapore expansion is backed by Kakao’s $300 million blockchain development war chest that also includes an improvement reserve fund used for service maintenance purposes.