South Korean internet giant gets $90 million for blockchain project

South Korean internet giant Kakao received an 90 million dollar investment into its blockchain division Ground X. They raised the money through a private coin offering, attracting venture capitalists like IDG Capital, Cresendo Equity Partners and Translink Capital. Kakao is also the mother company of Kakao Games, known for its groundbreaking MMORPG Black Desert Online and the upcoming title Ascent: Infinite Realm.

Ground X is working on a blockchain-powered platform as the foundation for Kakao's applications, including its Kakao Talk messaging app and other existing internet offerings. Kakao and Ground X will launch another investment round this Tuesday, with plans to launch the blockchain platform in June.

It's highly unlikely that the blockchain network will be used for Black Desert Online. Even implementing it into Ascent: Infinite Realm seems a bit far-fetched. But the fact that Kakao Games will be getting access to the company's very own blockchain with its own tokenized economy, means that Kakao Games will make that jump some time in the future.

Kakao Games just announced 'Project R', a new application that's all about 'gamification services'. They will be working together with other divisions from the Kakao umbrella under the name Life MMO. The program is supposed to add excitement to outdoor activities. It's unclear whether Life MMO will already be using Ground X's blockchain services as well.

A test version of the Ground X network is already live. Currently 26 companies have signed up and partnered with the platform. Among them are game developers, video streaming platforms and travel agencies. The network will also be used to support social and public services from the Seoul Metropolitan Government.