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South Korean internet giant Kakao enters Singapore’s blockchain space

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Kakao established two new blockchain-based entities-the Klaytn Foundation and Krust in Singapore

South Korea-based internet giant Kakao is expanding in the blockchain space in Singapore. The company is bringing its legacy blockchain platform Klaytn to the city-state, media reports said.

Kakao has established two new blockchain-based entities-the Klaytn Foundation and Krust in Singapore.

In this regard, the Klaytn Foundation said, “We will expand the Klaytn World – more proactively and systematically. We will actively invest our human as well as financial resources in developers and businesses of the blockchain world to accelerate the growth of our ecosystem and the development of our technology.”

Kakao has set up a $300 million war chest called the Klaytn Growth Fund, which will be used extensively to invest in startups starting later this year with the fund to globally expand Klaytn ecosystem.

According to the ‘State of Crypto in Singapore Report 2021’ by crypto exchange Gemini in partnership with CoinMarketCap and Seedly, Ethereum is more popular among Singaporeans than bitcoin.

The report took into account the views of 4,348 Singaporeans who self-identify as having or being interested in personal finance and investment products, shows that 67 percent of the respondents currently own crypto assets.

While Ethereum emerged as the most popular crypto with nearly 78 percent of the respondents holding the currency, around 67 percent of them have invested in bitcoin.
The report further revealed that the Covid-19 pandemic has led to a spike in interest in cryptocurrencies among many Singaporeans.

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