Kakao Corp, a major South Korean Internet conglomerate, has established a subsidiary of the company in Singapore to attract foreign investments with cryptocurrencies, Seoul-based media outlet News1 reported Nov. 21.
According to the article, Kakao Corp established the brainchild of Kakao subsidiary Ground X, the corporation’s blockchain platform Klaytn, in Singapore yesterday. The media outlet also states, with reference to the the Singapore Chamber of Commerce, that Kakao Corp is considering establishing another special corporation in Singapore aimed at managing the investments.
In October, Kakao Corp had released Klaytn’s testnet ahead of its formal launch set for the first quarter of 2019. Last week, Kakao Corp had announced a new partnership agreement with stablecoin project Terra that will use Klaytn as a blockchain-based payment system, Cointelegraph reported Nov. 14.