Kakao Corp suffered blockchain business losses
The South Korean company, according to the report of the last quarter of 2018, did not recover the 65 million invested in technology
South Korea’s messaging applications operator Kakao Corp published the report for the third quarter of 2018, which included operating expenses for blockchain technology and artificial intelligence.
In the report, where there is an income valued at 3.8 million dollars, there are also 57.5 million dollars that were allocated to new technology businesses that were classified as losses.
Bae Jae-hyun, vice president of the company, said that despite these disappointing results the company will continue to invest in new technologies to keep up with the progress.
However, according to statements issued by Kakao’s executive vice president Bae Jae-hyun, the company will continue to invest in new technologies despite recent losses.
Last October, Kakao Corp presented the testnet version of its own block chain called Klaytn, developed by Ground X, a subsidiary of the corporation. On it, its official launch is planned for the first quarter of 2019. This will focus on the implementation of smart contracts.
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