South Koreas most popular message-app operator, Kakao Corp., is considerings a private placement next month to raise funds from partners in helping to build the company’s blockchain platform, Bloomberg reports.

Kakao Corp. may be planning to use Ground X Corp., the company’s blockchain subsidiary, to seek capital and business partnerships from consumer-service companies. Ground X was created in March of this year by Kakao. The Tokyo based company intends to build a smart contract and dapp development platform in Asia similar to Ethereum.

Ground X is reportedly seeking firms that have internet or mobile services, similar to Kakao, that could be offered over a blockchain platform.

Since Kakao Corp. launched its popular messing app KakaoTalk in 2010, the company has grown to a $7.6 billion value. Kakao currently has 50 million monthly users centered mainly in South Korea. However, despite Kakao Corp.’s continued success, the growing company has failed in several attempts to extend its influence into the global market. Through Ground X, Kakao Corp. intends to use its blockchain platform to grow its influence across the world.

According to the Bloomberg article, Ground X is planning to launch a test version of its blockchain platform in September with an official launch by the end of the year. Ground X aims to make blockchain more accessible to people who aren’t experts in the technology. The company’s blockchain platform is seeking to work with content creators and gaming companies, along with social media networks and blog sites. Jason Han, Ground X’s Chief Executive Officer, states,

“The biggest problem with blockchain right now is that there isn’t a single service that an average person would use. Our services are going to be more practical.”

Han goes on to say that he sees Ground X following a similar business model to other blockchain companies like Steemit, which offer monetary rewards in the form of cryptocurrency for content creation.

“Any service where a participant can publish original content and be compensated for it is a good fit for a blockchain platform.”

Kakao Corp. admits to being somewhat being late to the game when it comes to messaging apps looking to get involved in the cryptosphere. Earlier this year Pavel Durov’s popular messaging app, Telegram, without even launching an a public ICO raised $1.7 billion from private investors. Han, however, states that neither Kakao Corp. or Ground X is deterred by competing company involvement in the space,

“We know we’re not front runners of blockchain technology. But the industry is still developing.”

Just yesterday Unhashed also reported that Japanese message-app company Line Crop. is set to launch a cryptocurrency exchange platform in Singapore.

The post Kakao Seeks Partners for Blockchain Venture appeared first on UNHASHED.

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