/South Korean Tech Giant Kakao Invests in Blockchain Project Orbs

South Korean Tech Giant Kakao Invests in Blockchain Project Orbs

kakao blockchain crypto orbskakao blockchain crypto orbs

Israeli hybrid blockchain platform Orbs has announced that it is entering an investment partnership with the venture arm of South Korean internet group Kakao.

Created to serve as a pioneering public blockchain system offering unprecedented flexibility and utility, Orbs permits business dApp developers to deploy over a highly secure and liquid network that comes with production-ready scalability.

Kakao, on its part, is an internet business giant that has made headlines for pushing to integrate crypto payment solutions across its range of interests which include ride-hailing, instant messaging, payment processing, and social networking.

The move is the latest collaboration between both organisations following a prior and ongoing partnership between Orbs and Kakao blockchain subsidiary Ground X, which covers blockchain application research, development, and deployment. According to Orbs, the new investment from Kakao will focus on helping Orbs further the protocol’s development and growth.

Speaking to CCN about the prospects offered by the partnership, Daniel Peled, Orbs CEO and Co-Founder said:

“Korea has been a core market for Orbs because the level of blockchain maturity is so high. So to have the most significant consumer technology company in the country behind us is a massive testament to our progress and potential. We believe that this relationship can drive tremendous value as we enter 2019 with the goal of driving real usage and impact.”

It will be recalled that earlier in the year, Orbs announced that its production-ready platform would be deployed in early 2019. It also revealed that a number of partners have already been engaged to help the onboarding process. Kakao takes centre stage among these partners, not least because of its solid history of cryptocurrency and blockchain implementations across its many subsidiaries and affiliates.

Explaining the rationale behind Kakao’s decision to invest in Orbs, Kris Park, Executive Director of Kakao Investment said:

“Kakao Investment is focused on identifying key trendsetters and innovators in the blockchain sector and Orbs is a great example. The company has developed an innovative business model and possesses unique technological capabilities, enabling us to support the company and maximize its potential.”

In August, global research firm Gartner listed Orbs amongst its “cool vendors in blockchain technology,” in recognition of its growing importance within the space. Also this year, Orbs expanded into South Korea, establishing its headquarters in Seoul and inking a partnership with Terra to help its research and development efforts.

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