Subsidiary Kakao conducted a private sale of tokens for $300 million

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One of the leading Internet companies in South Korea, Kakao has conducted a private sale of tokens for your child blockchain-Ground companies X, intending to raise $300 million in funding.

This was written by the local edition of Hani. According to his message, Kakao is seeking to attract financing from foreign investors through a private sale of its token-KLAY project Klatyn.

Despite the fact that, by definition, this is the sale of tokens, in Cocoa, said that “this is not a set of proposals to the General public”, so it cannot be considered a traditional initial range of coins (ICO), which is currently prohibited in South Korea by the regulator. In March, the company Kakao announced the launch of the Ground X as part of the expansion strategy of its business in the conglomerate “Kakao 3.0”.

At this time the question of holding ICO, to raise funds for the project were raised, but then was postponed. Although later, in June, Bloomberg reported that the CEO of Ground X, Jason Khan, described the future project as the Alliance of capital and business with companies in the consumer services.”

Private sale

Original Ground X from Kakao was established in Tokyo, Japan. However, already in March, its management said that it intends to launch ICO neither Japanese nor Korean territory, because of the ban of the ICO in 2017 in South Korea. However, the establishment of the headquarters in Tokyo are more likely to avoid regulations, more specifically related scriptactive.

In Cocoa refuse to call the current size of the investment or data on investors, citing the desire partners not to disclose information about themselves. According to Hani, the bulk of the funds have been credited to the accounts of Ground X, which also indicates that Chinese companies venture capital could participate in the sale of tokens:

A “target amount of investment is $300 million and Kakao said that they are already very close to achieving this goal. In September, a Chinese venture-capital group met with Ground X and Ground X planned to raise $300 million.”

News from Cocoa hardly surprising, as the market weakens ICO, and startups and companies are starting to explore the possibility of raising capital the traditional institutions, such as incubators, venture capital firms and hedge funds. According to the study, this is a sign of market maturity and “professionalization” of the ecosystem of cryptocurrency industry.

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Tags: Kakao ICO

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