The South Korean technology giant Kakao invests in Blockchain project spheres


cryptographic spheres of kakao blockchain

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

Created to serve as a pioneering public blockchain system that offers unprecedented flexibility and unprecedented utility, orbs enable dApp enterprise developers to deploy on a highly secure, liquid network with production-ready scalability.

Kakao, for his part, is a giant of the Internet business who made headlines for pushing cryptographic payment solutions in all its range of interests, including ride-hailing, instant messaging, payment processing and social networking.

The move is the last collaboration between the two organizations following a previous and ongoing collaboration between Orbs and the blockchain branch of Kakao Ground X, which covers the research, development and implementation of blockchain application . According to Orbs, Kakao's new investment will focus on helping Orbs promote the development and growth of the protocol.

Talking to CCN about the prospects offered by the partnership, Daniel Peled, CEO and co-founder of Orbs said:

"Korea has been a key market for the globes because the maturity level of the blockchain is so high, so having the most significant consumer technology company in the country behind us is a great testimony to our progress and our potential. that this relationship can give an extraordinary value when we enter in 2019 with the objective of promoting real use and impact ".

It will be recalled that at the beginning of the year, Orbs announced that its production-ready platform would be deployed at the beginning of 2019. It also revealed that a number of partners have already been hired for to help the onboarding process. Kakao is at the center of these partners, not least because of its solid history of cryptocurrency and blockchain implementations through its many subsidiaries and affiliates.

Explaining the rationale behind Kakao's decision to invest in spheres, 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 has unique technological capabilities that enable us to support 39; company and maximize its potential. "

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

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