Home / Crypto Currency / ‘Cosmochain’, Kakao’s First Blockchain Investment

‘Cosmochain’, Kakao’s First Blockchain Investment

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

Kakao, Korea’s largest social media platform with over 50 million daily active users, is targeting the blockchain-based beauty contents market. After announcing its entry into the blockchain market, Kakao’s subsidiary, Kakao Investment, executed an enormous investment in Cosmochain, a blockchain-based beauty platform.

Cosmochain is planning to launch its first beauty social media application, COSMEE, on the 20th of August. As a project incorporating blockchain technology into real beauty life, the COSMEE platform will potentially attract in vast number of users, hence, is expected to become the first blockchain-based service of Kakao.

Kakao Investment executes enormous investment in Cosmochain

According to related industry sources on the 10th of August, Kakao Investment recently executed an investment in Cosmochain. Although the precise scale of investment and detailed contents of the agreement were not disclosed, it is estimated that Kakao invested at least several billion won.

A Kakao official said, “We have made investments in Cosmochain, but the scale and details of agreement will not be disclosed.”

Kakao Investment is one of the main investment companies of Kakao. Compared to Kakao Ventures, another investment subsidiary of Kakao, that utilizes external LP funds as well, Kakao Investment purely operates on internal funds.

Park Chi Hwan, CEO of Kakao Investments, is also the head of Kakao G, a holding company of Kakao that leads the company’s blockchain subsidiaries including Ground X. While Ground X focuses on developing its blockchain platform, Kakao G aims to search for various services that will run on Ground X.

Meanwhile, Cosmochain is a blockchain-based project that will soon be launching its very own application, COSMEE. Planned to be launched on the 20th of August, COSMEE is a beauty social media platform in which blockchain technology is applied. It has already been recognized as a prospective project in the blockchain business as investments have been made by influential figures such as Seo Jun Kim, CEO of the Korea-based blockchain accelerator, HASHED, and Young Kil Kwon, CEO of the Korea-based venture capital and crypto fund, NEOPLY.

Increasing interest towards collaboration between COSMEE and Kakao

The COSMEE application will reward users with ‘Cosmo Power’ for making interactions within the platform such as uploading contents or voting likes. The rewarded Cosmo Powers can be utilized to purchase products in the COSMEE marketplace or exchanged into Cosmo Coins (cryptocurrency) that can be encashed.

Cosmochain’s blockchain-based beauty social media service, COSMEE

Following Kakao’s investment in Cosmochain, expectations towards the synergy between COSMEE and Kakao are increasing. Some predict that the COSMEE application could possibly be served under the label ‘Kakao Beauty’. Also, COSMEE is anticipated to be one of the various DAPPs to operate on the mainnet of Ground X that is to be launched in the beginning of next year.

For Kakao as well, beauty contents like COSMEE is an attractive field. Kakao, which already has services such as Kakao Hairshop and Kakao Style, has yet to offer a clear service in the beauty area that can be linked to commerce. Moreover, as self-broadcasting is a rising trend in the beauty field, synergy with Kakao TV is also expected.

Ho Won Song, CEO of Cosmochain said, “Cosmochain will be launching the COSMEE application on August 20th and in accordance, will be listed on a Korean exchange.” He added, “As much as we are the first blockchain project to be invested by Kakao, we will plan various strategies to create significant synergy with Kakao.”

Source: https://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=105&oid=014&aid=0004073395

Read more

Check Also

Bitcoin Price Watch: Currency Briefly Falls Below the $6,000 Mark Before Recovering

At press time, the father of cryptocurrency is trading for just over $6,000. This is about $200 less than where it stood during yesterday’s afternoon hours. The coin is continuing to fall deeper and deeper into red territory, though this price is an improvement over where it stood during the early morning, when it fell below $6,000. The currency is now just a few steps above its lowest point of the year, which it hit on June 18 with a price of just over $5,770. The cryptocurrency market cap has shed approximately $21 billion off its back in the last 24 hours, and it appears the crypto space is being targeted by massive sell-offs. In other words, bitcoin is not alone in its present state. The currency is struggling to maintain its position on the financial ladder, yet it’s still doing relatively well in comparison with entities like Ethereum, which has fallen below the $300 mark – the lowest it’s been all year. Also, Ripple – the third-largest cryptocurrency by market cap – has also fallen by roughly 14 percent. Charles Hayter, CEO of CryptoCompare, is blaming the SEC’s decision to postpone any action towards the bitcoin ETF submitted by VanEck SolidX. “This has snowballed negative investor sentiment,” he explains. Some, however, are refusing to give in to all the hype and say that bitcoin still has the power to unite cryptocurrencies across the board. One Reddit user for example, recently posted his thoughts regarding the recent sell-off. “Am I selling now?” he asks defiantly. “No way. Why not? Because bitcoin is not broken. Nothing bad happened to bitcoin. It still works. Will there be bumps along the way? What do you think we’re experiencing now? Some of [you]get to decide: are you going to be a coward or not?” Hayter further commented that the bitcoin arena is only going through ups and downs because it is still a developing market; that it holds a strong position in the financial infrastructure, but needs more time to mature: “Bitcoin and its ilk are opening up a new arena of finance. The hope and speculation that gripped the market last year has been eroded in the last few months. That said, under the hood, a lot of work has been moving ahead to form the routes to incumbent institutions and to provide them with the tools, mechanisms and assurance they need for entering the cryptocurrency space. It’s only a matter of time before the crypto sphere becomes part of the mainstream, but it needs to do a lot of growing up in the process.” Bitcoin Charts by TradingView

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.