Kakao Investment To Acquire Cosmochain’s Blockchain-Based FitsMe Service

Blockchain, News | July 8, 2019 By:

Kakao Investment, the venture arm of South Korean internet giant Kakao, is reportedly considering acquiring FitsMe, a beauty dApp owned by blockchain startup Cosmochain.

Local news outlet News 1 Korea reported that the acquisition is part of Kakao’s efforts to launch a new beauty service by linking Kakao’s hair salon booking service, called Kakao Hairshop, to Cosmochain’s upcoming blockchain-based beauty social media dApp Cosmee. However, Cosmochain told The Block that Kakao Investment’s consideration in acquiring FitsMe has “nothing to do with Kakao Hairshop.”

Cosmochain also said that it is not yet decided if the deal will only involve the acquisition of FitsMe or would be expanded to include the management rights of Cosmochain. The specific investment amount or stake that is being considered by Kakao Investment has not been disclosed.

In February of this year, Cosmochain was selected by Samsung as its first dApp partner. Under the partnership, Samsung’s Galaxy S10, which has been confirmed to provide various blockchain-based functions including crypto wallets, will support Cosmee.