Kakao Sets up Non-Profit Entity in Singapore To Lead Klaytn Blockchain’s Expansionby Fintech News Singapore August 18, 2021
South Korean Internet giant Kakao has set up a non-profit entity headquartered in Singapore named the Klaytn Foundation to accelerate the sustainable growth of Klaytn blockchain and its ecosystem.
Klaytn is a service-centric blockchain platform that was previously led by Kakao’s blockchain affiliate Ground X, and will now be led by the foundation, with a focus on the expedition of global growth.
The Korea Herald reported that Kakao had established two new blockchain entities in Singapore as part of its expansion plans. It added that Kakao has gotten 32 foreign and domestic companies for the Klaytn Governance Council.
The council, which comprises companies with their own blockchain projects, will oversee decisions about Klaytn.
Meanwhile, Ground X will continue contributing to the Klaytn ecosystem, together with Krust, a newly established global accelerator unit of Kakao, led by Dean Song, by working closely with the foundation.
In order to drive global growth in the Klaytn ecosystem, the foundation will also accept applications for the Klaytn Growth Fund. The fund invites developers and users to build applications, developer tools, or lead community building initiatives to facilitate sustainable growth.
Kakao said in a statement that promising candidates can benefit from financial grants and technical consultation and applications will open on the Klaytn Foundation website in late September.
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