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.