South Korean conglomerate Kakao Corp. opened a subsidiary in Singapore; thus Kakao intends to attract foreign capital into the cryptocurrency. Officially the company was registered yesterday under the name “Klaytn” (similar to blockchain platform Kakao). About it reports the local Internet edition News1.

The main reasons for Kakao chose Singapore, are lowering taxes for companies from the blockchain sector, as well as the relatively simple process of attraction of investments.

The expected volume of capital inflows Klaytn in December is 100 billion Korean won (approximately $88 million); Kakao primarily expects to receive funding from venture capital companies and institutional investors. Writes News1, Klaytn will also deal with issues of cooperation with the commercial enterprises of Singapore, interested in the implementation of blockchain.

Responding to a query News1, a representative of Kakao Corp. said that to open a company in Singapore was “the right decision”, but the details refused to disclose.

In early October, the network Klaytn was launched in a test mode; then Kakao announced that a fully working blockchain will be active in the first quarter of 2019.