Just recently, Kakao an internet giant from South Korea has expressed its intentions of expanding its blockchain network out of the country. Kakao is famously known for hosting a blockchain network going by the name Klaytn.
The firm recently announced that it plans to go for global expansion, which is one of the top agendas for the firm. Therefore, it is going to do it with the help of its blockchain network.
The information around the expansion of the network was provided by one of the local reporting publishers known as “The Korea Herald”. The report around the expansion of the firm was published on Monday, August 16, 2021.
In the information, it has been revealed that Kakao has recently launched two new projects that are both running on the blockchain networks. The name of the first project is the Klaytn Foundation and the name of the other project is Krust.
When it comes to the Klaytn Foundation, it is going to exist as a non-profit organization. Whereas, Krust will be acting as an aggressive platform that is going to go after worldwide acceleration for the adoption of blockchain technology.
It has been revealed that Kakao is going to use the combined force of both projects to make its existence known in the Singapore markets.
At first, Kakao is planning to expand its business and network reach to Hong Kong, which is considered a hub for crypto-blockchain projects.
Kakao has already initiated its plan for global expansion by launching its Kakao Foundation platform at the beginning of August 2021.
Kakao Foundation revealed that its mission and strategy is going to perform its duties systematically and proactively. This way, the platform is going to help Klaytn Network expand its services in Singapore.
The Kakao Foundation revealed that while in Singapore, their main aim would be to make huge investments both in the form of financial and human resources.
This will be taken care of for the expansion of businesses and the onboarding of developers who have a huge role to play in the acceleration of blockchain networks adoption.
The foundation revealed that in near future, their attention from Singapore would move towards the entire world. However, for now, their focus is Singapore, where their main goal is to expand and grow their ecosystem.
Furthermore, Kakao Foundation would be needing the support and knowledge of Singapore developers for the advancement of Kakao’s development technology.
According to sources, Kakao is taking its Singapore expansion very seriously, as it has allocated a $300 million budget for the all-out expansion in the country. It is considered to be the war chest of Kakao for blockchain development.