Blockchain Startup Orbs Receives Investment From South Korean Chat Giant Kakaobr>
Kakao Investment, the venture arm of South Korean internet giant Kakao, has invested an undisclosed ammount in Israeli blockchain startup Orbs.
Orbs, founded by Tal Kol, Uriel Peled and Daniel Peled, is building a universal blockchain productivity layer. The Orbs project envisions complementing the blockchain standard of ethereum by functioning as a second layer hybrid. The company claims that adopting Orbs alongside ethereum allows decentralized apps (DApps) to enjoy the best of both chains: unmatched security, liquidity and ecosystem integration, together with low-fees, production-ready scalability and suitable fee structure. Orbs’ production-ready environment is set go live in early 2019, and the company is actively working with partners to help the onboarding process.
Kakao’s investment builds on Orbs’ existing partnership with the chat giant’s blockchain subsidiary Ground X. The two companies agreed to work together on conducting research and development on shared blockchain components, such as a crypto library, mutual security audits, and autonomous swaps, an advancement that would facilitate decentralized interoperability of crypto assets.
Orbs CEO Daniel Peled said that the investment will help them further the protocol’s development and growth.
“With Kakao’s consumer applications counting more than 50 million active users worldwide, the investment in Orbs represents a significant endorsement of the long-term potential of our technology,” said Peled. “Kakao Investment’s relationship with Orbs reflects our regional strength and the potential we offer to make blockchain a powerful growth engine for its business units. Kakao was among the first major tech companies to recognize that blockchain is the future, and Orbs is excited to be a bigger part of that journey.”
Kris Park, executive director of Kakao Investment, said that Kakao Investment has been focused heavily on the blockchain sector.
“Kakao Investment is focused on identifying key trendsetters and innovators in the blockchain sector and Orbs is a great example,” said Park. “The company has developed an innovative business model and possesses unique technological capabilities, enabling us to support the company and maximize its potential.”