[THE INVESTOR] Kakao has recently set up a holding firm -- Kakao G -- to better control its blockchain business units, the firm confirmed on May 25.

The holding firm was launched in March and the initial investment was 20 billion won (US$18.50 million). Park Ji-hwan, head of Kakao Investment, will lead the firm and its investment decisions. 

Kakao co-CEO Jo Su-yong

Kakao is seeking to expand its presence in the burgeoning blockchain industry, setting Japan as the business hub. Following the Japanese unit Ground X, the firm has set up Ground 1 in Korea. The firm plans to apply the numbering system for future units in key cities around the world.

Currently, the two units in Japan and Korea are led by Jason Han, a KAIST Phd and former CTO of Korean startup accelerator Futureplay.

Kakao’s co-CEO Joh Su-yong in March said the firm is developing a blockchain-based platform seeking synergies with its current services later this year. Amid speculations growing about the blockchain push, he flatly denied the firm has any plans to launch an initial coin offering or enter the crypto trading market.

By Lee Ji-yoon (jylee@heraldcorp.com)