[Asia Economy Reporter Buaeri] Kakao is embarking on a global expansion of its blockchain business.
On the 16th, Kakao announced that it recently established a subsidiary in Singapore called 'Krust.' Together with the 'Klaytn Foundation,' Krust will play a role in expanding Kakao's blockchain platform 'Klaytn' ecosystem.
Krust's CEO is Song Ji-ho, head of Kakao's Community Growth Center. CEO Song is a founding member of Kakao and is considered a close aide to Chairman Kim Beom-su. Former Kakao Chief Service Officer (CSO) Kang Jun-yeol and former Chief Operating Officer Shin Jeong-hwan, both founding members of Kakao, are also involved.
Krust is expected to be responsible for nurturing and investing in blockchain-related companies.
Kakao has officially begun expanding the Klaytn ecosystem. It has secured 32 governance council companies (a consultative body participating in key decisions such as technology and business) domestically and internationally, and is promoting blockchain-based businesses in each company's business area.
Starting in the second half of this year, Kakao plans to invest in startups and developers through the $300 million 'Klaytn Growth Fund (KGF)' to globally expand the Klaytn ecosystem. It has also established the 'Klaytn Improvement Reserve (KIR)' to support public infrastructure and services that contribute to the Klaytn ecosystem.
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