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The Asian mobile messaging company Kakao has invested in its first blockchain startup in an agreement with Israel & # 39; s Orbs.
The Orbs of Tel Aviv are building a layer of universal blockchain productivity.
The money comes from Kakao Investment, the risk arm of the main South Korean internet conglomerate. The investment is based on the existing partnership between Orbs and the blockchain subsidiary of Kakao Ground X, in which the two companies have agreed to collaborate on blockchain applications and research and development projects.
The investment will focus on helping the globes to promote the development and growth of the protocol.
"With Kakao's consumer applications with over 50 million active users worldwide, the investment in Orbs represents significant support for the long-term potential of our technology," said Daniel Peled, CEO of Orbs. "Kakao Investment's relationship with Orbs reflects our regional strength and the potential we offer to make blockchain a powerful growth engine for its business units – Kakao was among the first major technology companies to recognize that blockchain is the future, and Orbs is thrilled to be a more important part of that journey. "
The globes announced at the start of this year that its production-ready environment will go into operation at the start of 2019 and that the company is actively collaborating with partners to help the onboarding process. Kakao Investment has been strongly focused on the blockchain sector and is one of the leading venture capital groups in the industry.
"Kakao Investment is focused on identifying key trendsetters and innovators in the blockchain sector and Orbs is a great example," said Kris Park, executive director of Kakao Investment, in a statement. "The company has developed an innovative business model and has unique technological capabilities that enable us to support the company and maximize its potential."
Orbs was recognized in August as an emerging provider of blockchain technology from the world's leading research firm Gartner.
A public blockchain for integrating base-level protocols, Orbs serves as the second universal tier for decentralized applications that require safer, scalable, and more cost-effective solutions, while taking advantage of the liquidity of a basic level.
The company has also recently expanded its operations in South Korea with a branch in Seoul and a partnership with Kakao's controlled blockchain Ground X and with the stablecoin Terra to focus on research and development.
