in ,

‘Cosmochain’, Kakao’s First Blockchain Investment

Press Releases

Kakao,Korea’s biggest social networks platform with over 50 million everyday active users, is targeting the blockchain-based charm contents market. After revealing its entry into the blockchain market, Kakao’s subsidiary, Kakao Investment, performed a massive investment in Cosmochain, a blockchain-based charm platform.

Cosmochain is preparing to release its first charm social networks application, COSMEE, on the 20 th ofAugust As a task integrating blockchain innovation into genuine charm life, the COSMEE platform will possibly attract in large variety of users, for this reason, is anticipated to end up being the first blockchain-based service of Kakao.

KakaoInvestment performs massive investment in Cosmochain

According to associated market sources on the 10 th of August, Kakao Investment just recently performed an investment inCosmochain Although the accurate scale of investment and comprehensive contents of the contract were not divulged, it is approximated that Kakao invested a minimum of numerous billion won.

A Kakao authorities stated, “We have made investments in Cosmochain, but the scale and details of agreement will not be disclosed.”

KakaoInvestment is among the primary investment firm ofKakao Compared to Kakao Ventures, another investment subsidiary of Kakao, that uses external LP funds too, Kakao Investment simply runs on internal funds.

ParkChi Hwan, CEO of Kakao Investments, is likewise the head of Kakao G, a holding business of Kakao that leads the business’s blockchain subsidiaries consisting of Ground X. While Ground X concentrates on establishing its blockchain platform, Kakao G objectives to look for numerous services that will work on Ground X.

Meanwhile,Cosmochain is a blockchain-based task that will quickly be introducing its own application, COSMEE. Planned to be introduced on the 20 th of August, COSMEE is an appeal social networks platform where blockchain innovation is used. It has actually currently been acknowledged as a potential task in the blockchain company as financial investments have actually been made by prominent figures such as Seo Jun Kim, CEO of the Korea- based blockchain accelerator, HASHED, and Young Kil Kwon, CEO of the Korea- based equity capital and crypto fund, NEOPLY.

Increasing interest to partnership in between COSMEE and Kakao

The COSMEE application will reward users with ‘Cosmo Power’ for making interactions within the platform such as publishing contents or voting likes. The rewarded Cosmo Powers can be used to buy items in the COSMEE market or exchanged into Cosmo Coins (cryptocurrency) that can be encashed.

Cosmochain’s blockchain-based charm social networks service, COSMEE

FollowingKakao’s investment in Cosmochain, expectations to the synergy in between COSMEE and Kakao are increasing. Some anticipate that the COSMEE application might potentially be served under the label‘Kakao Beauty’ Also, COSMEE is prepared for to be among the numerous DAPPs to run on the mainnet of Ground X that is to be introduced in the start of next year.

ForKakao too, charm contents like COSMEE is an appealing field. Kakao, which currently has services such as Kakao Hairshop and Kakao Style, has yet to provide a clear service in the charm location that can be connected to commerce. Moreover, as self-broadcasting is an increasing pattern in the charm field, synergy with Kakao TELEVISION is likewise anticipated.

HoWon Song, CEO of Cosmochain stated, “Cosmochain will be launching the COSMEE application on August 20th and in accordance, will be listed on a Korean exchange.” He included, “As much as we are the first blockchain project to be invested by Kakao, we will plan various strategies to create significant synergy with Kakao.”

Source: https://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=105&oid=014&aid=0004073395

What do you think?

345 points
Upvote Downvote

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Comments

0 comments

Billionaire Tim Draper Shelves ‘Three Californias’ Plan after Legal Setback

Interview: Dash CEO Explains Why He Left Wall Street to Go All in on Crypto