The venture arm of South Korean internet conglomerate Kakao Corp, Kakao Investment has invested in Israeli blockchain startup Orbs, which built a public blockchain for the needs of consumer applications.
The amount invested was not disclosed, but CoinJournal reported that it was a “seven-figure” US dollar amount.
“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 Daniel Peled, Orbs CEO, in a statement cited by VentureBeat. “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.”
In August, Orbs partnered with Kakao’s blockchain subsidiary Ground X to develop blockchain applications for the Kakao network, and research and development projects.
“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,” Kris Park, executive director of Kakao Investment.
Orbs was founded in 2017 by Tal Kol and Uriel Peled. Its chief strategy & innovation officer is Kfir Damari, co-founder of SpaceIL, the Israeli startup set to venture on the country’s first moon launch early next year.