Israeli blockchain startup Orbs receives investments from South Korea’s Kakao Investment

Orb will use the proceeds for R&D, and growth purposes.

On Thursday, Israeli blockchain startup Orbs disclosed, it has received an investment from Kakao Investment – the venture capital arm of South Korean internet conglomerate Kakao Corp.

Orbs did not disclose the size of the investment.

Earlier this year, Kakao had stated it would establish a business which will focus on blockchain technology.

Kakao is South Korea’s largest messaging app operator.

In a statement, Orbs said it will channel the proceeds of the investment for development and growth of the company; it will also use it to build on its existing partnership with Ground X, Kakao’s blockchain subsidiary.

Both companies have agreed to partner on blockchain applications and research and development projects.

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