Japanese internet giant GMO Internet Group enters partnership to explore building blockchain business on Klaytn
Klaytn Foundation will partner with GMO Internet Group, a Japanese internet and financial services conglomerate, to explore blockchain business synergies on Klaytn, a blockchain initiative by the Kakao Group.
GMO’s latest move is a continuation of the conglomerate’s global expansion in internet infrastructure, financial services, e-commerce, payments, and cryptocurrency business segments. It currently operates online FX trading platform and brokerage, internet bank, the payment gateway businesses, cryptocurrency exchanges, and is the issuer of stablecoins GYEN and ZUSD which are pegged to JPY and USD respectively. GMO takes pride in building all of its products internally and has a deep expertise in blockchain based product development.
Klaytn Foundation is a non-profit entity in Singapore that supports the Klaytn blockchain ecosystem by accelerating sustainable global growth of Klaytn. Klaytn is a service-centric blockchain platform that aims to provide an intuitive development environment and user-friendly experiences for blockchain.
Klaytn Foundation supports partners through various resources for testing the feasibility of blockchain businesses in preparation for mass adoption. One of the ways this is done is through management of the US$500 million Klaytn Growth Fund, which supports ecosystem players through various capital deployments.
“GMO will utilize the blockchain technology know-hows we have accumulated so far and will look to further expand the possibilities of blockchain technology through the partnership,” says Ken Nakamura, chair of cryptocurrency business committee at GMO Internet Group.
“The partnership of the largest internet company in Japan with one of the largest tech companies in Korea is one that encompasses a shared commitment to building new and open digital economies, and offering a digital corridor to both marketplaces through the Klaytn blockchain,” says David Shin, head of global adoption at Klaytn Foundation.
Klaytn is a public blockchain focused on the metaverse, gamefi, and the creator economy. Officially launched in June 2019, it is the dominant blockchain platform in South Korea and is now undergoing global business expansion from its international base in Singapore.
These business expansion activities are supported by the Klaytn Growth Fund, which aims to grow the ecosystem of companies built on Klaytn. The fund is managed and disbursed by Klaytn Foundation, a Singapore-based non-profit organization established in August 2021.
About Klaytn Foundation
Klaytn Foundation is a non-profit organization that was established to accelerate global adoption and ecosystem maturity on Klaytn. The foundation manages the Klaytn Growth Fund and operates alongside Krust, a subsidiary of internet giant Kakao Corp that invests in projects built on Klaytn.
About GMO Internet Group
GMO Internet Group is an Internet service industry leader, developing and operating Japan’s most widely used domain, hosting & cloud, ecommerce, digital certificate & eSignature, and payment solutions. The Group also includes the world’s largest online FX trading platform, as well as online advertising, Internet media, and cryptoassets related services. GMO Internet, Inc. (TSE: 9449) is headquartered in Tokyo, Japan.
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