Orbs, the Israeli hybrid blockchain platform, has announced that it is venturing into an investment partnership with Kakao which is the venture arm of South Korean internet group. Orbs has been developed to serve as a pioneering public blockchain system which offers unprecedented flexibility and utility. It also permits dApp developers to deploy over a highly secure and liquid network that comes with production-ready scalability.
Kakao, on the other hand, has been making headlines as an internet business giant for integrating crypto solutions across a range of interests and these include instant messaging, payment processing, ride-hailing and social networking. There has previously been an ongoing partnership between Orbs and Kakao and this move is the latest collaboration between both organisations. This new venture will cover blockchain application research, deployment and development. The new investment from kakao will focus mainly on aiding Orbs further the protocol’s development and growth, according to Orbs.
Kakao Invests in Blockchain
Daniel Peled, Orbs CEO and Co-Founder said:
“Korea has been a core market for Orbs because the level of blockchain maturity is so high. So to have the most significant consumer technology company in the country behind us is a massive testament to our progress and potential. We believe that this relationship can drive tremendous value as we enter 2019 with the goal of driving real usage and impact.”
Orbs announced earlier this year that its production-ready platform would be deployed in early 2019. Also a number of partners have already been engaged to assist the onboarding process, according to Orbs. As Kakao has a solid history of cryptocurrency and blockchain implementations among its subsidiaries and affiliates, it tends to take precedence over the rest of the partners.
Executive Director of Kakao Investment said:
“Kakao Investment is focused on identifying key trendsetters and innovators in the blockchain sector and Orbs is a great example. The company has developed an innovative business model and possesses unique technological capabilities, enabling us to support the company and maximize its potential.”
Global research firm Gartner listed Orb amongst its “cool vendors in blockchain technology,” in August. This was done in recognition of its growing importance within the space. Orbs also expanded in South Korea this year and has established its headquarters in Seoul as well as linking a partnership to help with its research and development efforts. This partnership was established with Terra.
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