The new partnership agreement is to apply the former's blockchain platform technology Klaytn, the brainchild of Kakao subsidiary Ground X, to blockchain-based payment system.
Through two firms cooperation, it is planned “to enhance core requirements for payment services, such as speed, stability and reliability,” says the article. It also adds:
“The [...] partnership agreement is expected to contribute to promptly creating a blockchain ecosystem suitable for services offered to a large group of people.”
Back to spring, Kakao Corp, announced the plans to establish a blockchain subsidiary tentatively named “Kakao Blockchain” and to launch an Initial Coin Offering (ICO), Cointelegraph reported Mar. 5. Later, the company introduced a new business plan, Kakao 3.0, that included opening a blockchain platform aimed at the wider Asian markets.
The testnet version of the Kakao’s new blockchain platform had been launched earlier this fall, ahead of a formal schedule in Q1 2019, Cointelegraph wrote Oct. 8.
Terra, a stablecoin project, co-founded by Daniel Shin, the creator of South Korean e-commerce marketplace Ticket Monster (TMON), revealed this fall the close of a $32 million funding round led by a string of major crypto exchanges, Cointelegraph reported Aug. 29.
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