According to a report by Seoul-based media on November 21, the major Internet conglomerate of South Korea – Kakao Corporation has introduced the establishment of its subsidiary in Singapore with an aim to attracting foreign digital currencies investments.
As stated by the article, a blockchain platform named Klaytn, a brainchild of Kakao subsidiary Ground X, was established by Kakao Corp. Besides, the Singapore Chamber of Commerce demonstrated that another special company focusing on investment management is planned to established by the enterprise in Singapore also.
Prior to the formal launch scheduled in the first quarter of 2019, Kakao Corporation has unveiled the testnet of Klaytn in October. Regarding a report by Countelegraph on November 14, a stable coin project called Terra would apply blockchain as payment system after the partnership agreement between two parties was established.
As expected, an amount of up to 100 billion won (approximately $88 million) investment of venture capital and institutional investors will be stimulated through Klaytn in December. The article also mentions:
“This investment contract seems to include not only sales of simple tokens but also Kakao blockchain business cooperation. The reason for the establishment of an investment corporation in Singapore is that it is easy to raise funds and has a large tax benefit.”
Back this summer, there was a fund of $10 million invested in a company working on blockchain and cryptocurrency industries established by Golden Gate Ventures (GGV), one of the prominent venture capital enterprises in Southeast Asia based in Singapore.
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