Kakao Crop is the largest internet conglomerate firm in South Korea and their cryptocurrency sector known as Ground X made about $90 million through Initial Coin Offerings. After the company raised $90 million, they decided that they want to redo the ICO. On March 11th, a report from Bloomberg confirmed this news. The company wants to execute the plan of raising the money within the second week of March.
It was announced for the very first time by Kakao in December 2018 that their crypto sector Ground X is progressing toward raising about $300 million by developing their own token. Klaytn which is the blockchain platform that managed Ground X is going to supervise the plan of raising $90 million again.
The CEO of Ground X, Jason Han says that the firm right now consists of 65 employees and once the launch of ICO nears, they have plans of hiring more people. Initially, the launch was going to happen in 2018, but there was a delay in launching because the platform required additional development. The headquarters of Ground X is in Japan.
The ICO that is going to take place the companies that are going participate to venture funds. Private equity funds are Crescendo Equity Partners, Translink Capital and IDG Capital. Even though it has not been confirmed by Kakao, a hint was given by the CEO that the company is probably going to add a service of their own to the platform.
There are about 26 firms that are presumed to run their apps on the Klatyn Platform, and few of them are Wemade Entertainment Co, which is a Game developer and Zanadu, a Chinese travel agency.
When the company had planned its first ICO, the local news outlet reported that they were about to reach the target from different types of participants that they had deliberated as an opening investment which was about $300 million that included the venture capital company of China.
There is zero-tolerance policy to ICOs in the country which has been constantly monitored by the lawmakers of South Korea because of which it has continuously been successful. In 2017, this policy was declared illegal.
There are very strict rules in South Korea when it comes to the cryptocurrency and Blockchain industry which was also managed by this web giant by finding a way around the progressively harsh regulatory policies. They made sure that the tokens for ICO were accessible to people who were registered and evaluated private investors. The firm got passed the regulatory policies in other parts of the country as well.