South Korea’s internet conglomerate Kakao has invested in blockchain firm Orbs via its venture arm Kakao Investments.
The Israeli blockchain startup Orbs became the receiver of an undisclosed amount of funding from the Korean company.
Kakao made its intentions clear earlier this year when it said it would focus on blockchain technology by establishing a specialized unit.
Details of the Funding
Orbs did not disclose the details of the deal or the amount that Kakao has invested into the company.
However, it noted that the investment would be used for the development and growth of the company’s existing partnership with Ground X, a Kakao subsidiary.
Both Ground X and Orbs have agreed to collaborate on research and development projects and blockchain applications.
The two companies partnered in late August this year, which followed with Orbs opening an office in South Korea.
Kakao’s Previous Work in Blockchain
Ground X is the blockchain subsidiary of Kakao, which is led by Jason Han as the chief executive.
The company launched the testnet version of its blockchain project Klaytn in October this year. The Klaytn UX is designed to improve the inconvenience of UX on existing blockchain platforms by helping average end-users experience blockchain more seamlessly.
As blockchain is still a nascent technology, it presents some inconveniences for users including the complexity of wallets, keys, and cryptographic addresses.
Klaytn seeks to eliminate these hurdles and the barriers to entry in the blockchain space for average users.
The block interval for Klaytn is less than 1 seconds, with up to 1,500 transactions per second. It also separates the consensus nodes and the ranger nodes for more efficient performance on the network. Klaytn also features toolkits and tutorials for blockchain-based service development.