Kakao of South Korea Invests in Israeli Blockchain Project Orbs

According to reports, Israeli hybrid blockchain startup Orbs has revealed that it is going into an investment partnership with South Korean venture arm internet group Kakao. This news is a bold step towards facilitating Blockchain development and deployment in the regions.

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Created to operate as one of the pioneers of public Blockchains and to offer unprecedented utility and flexibility, Orbs allows business dApp developers to deploy via a very secure and liquid network that includes production-ready scalability.

Kakao Has Made the Headlines for Pushing to Facilitate Crypto Payment Solutions

Kakao is an internet business giant from South Korea that has been making headlines due to its unwavering desire to see crypto payment solutions integrated across its broad range of interests including instant messaging, ride-hailing, social networking and payment processing. This new collaborative effort is the latest partnership between both organisations after a prior collaboration and ongoing partnership between Kakao subsidiary Ground X and Orbs. That partnership was designed to cover blockchain application research, and development, as well as its deployment. Orbs revealed that the new initiative with Kakao would be focused on helping Orbs push the protocol’s growth and development.

A Positive Step Towards Accumulating Value

In an interview with CCN regarding the prospects or possibilities offered by the new partnership, Orbs CEO and Co-Founder, Daniel Peled:

Korea is a core market place for Orbs because of the high level of Blockchain maturity in the region. Hence for us to have the most significant technology company in the region behind our startup is a massive testament to the progress we have made and our potential. Orbs believe that this new relationship will drive tremendous value going into the new year with the goal of pushing for real usage and impact.”

We can remember that earlier this year; Orbs revealed that its indigenous production-ready platform is going to be deployed early next year. The startup also announced that a good number of partners have already been engaged to help facilitate the onboarding process.

Kakao takes center stage among all the partners because of its solid crypto history and Blockchain implementation across a sizable number of affiliates and subsidiaries. Kris Park who serves as the Executive Director of Kakao, when trying to explain the rationale behind the Korean Giant’s decision to invest in Orbs said:

Kakao decision to investment is solely focused on identifying the key innovators and trendsetters in the blockchain sector of which Orbs is a very good example. In recent months the company has successfully developed an innovative model and possesses a unique technological capability, which enables us to support it and fully maximize its potential.”

Orbs Has Received Due Recognition for its Grow Importance

Back in August this year, Gartner the global research firm listed Orbs among its “cool vendors in the Blockchain sector.” This was done in recognition of the network’s growing importance in the crypto space. Also this year, Orbs has expanded into South Korea and established its headquarters in Seoul. It inked a partnership with Terra to aid in its Blockchain research and development endeavors. Orbs will laugh this new initiative next year.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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