Kakao shows further commitment to Blockchain startup Orbs
- 6 months ago
Israeli blockchain start-up Orbs announced it has received investment from the venture arm of South Korea’s internet provider Kakao Corp.
The investment figure has not been disclosed, adding that the investment will enhance its growth and development and further strengthen the relationship with Kakao’s blockchain sector, Ground X as the two companies have agreed on developing blockchain apps and research project.
The collaboration of the two companies will focus on conducting research and development on shared blockchain components such as a crypto library, mutual security audits, and autonomous swaps, an advancement that would facilitate decentralized interoperability of cryptocurrency assets.
Orbs is building a hybrid blockchain with built-in interoperability features that complements and scales base-layer protocols such as Ethereum. It is designed to meet the needs of large-scale consumer decentralized applications.
The Israeli startup raised $118 million in its initial coin offering in June and followed by opening its headquarters in Seoul this August, its first office outside of Israel.
Source: Smart Trend Team