Mar 12, 2019
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South Korean messaging app operator Kakao Corp’s crypto-unit raises $90 million through Private Coin Offering

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South Korea’s popular message-app operator, Kakao Corporation, is in the news after its crypto unit raised a whopping $90 million through a private coin offering. The company is planning another round of funding, starting March 12, as it prepares for the release of its blockchain platform in June, reported Bloomberg.

The Chief Executive Officer of Kakao’s blockchain unit Ground X Corp, Jason Han, told the publication that despite the Bitcoin [BTC] price plunge, the initial funding round from October to December managed to meet its target. Participants in the funding round included venture and private equity funds including IDG Capital, Crescendo Equity Partners, and Translink Captial, Han further said.

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