Japanese giant GMO Internet Group to build blockchain business on Klaytn

GMO Internet Group, a Japan-based internet service provider. announced it will partner with the Klaytn Foundation to explore blockchain business on Klaytn, a blockchain initiative by the Kakao Group.

This latest move is a continuation of the conglomerate’s expansion in internet infrastructure, financial services, e-commerce, payments, and cryptocurrency business segments. GMO Internet Group currently operates an online FX trading platform, internet bank, payment gateway businesses, cryptocurrency exchanges, and is the issuer of stablecoins GYEN and ZUSD which are pegged to JPY and USD.

Klaytn Foundation is a non-profit entity in Singapore that supports the Klaytn blockchain ecosystem by accelerating the 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.

“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.
– David Shin, Head of Global Adoption at Klaytn Foundation

Klaytn Foundation supports partners through various resources for testing the feasibility of blockchain businesses. One of the ways this is done is through the management of the USD $500 million Klaytn Growth Fund, which supports ecosystem players through various capital deployments.

“GMO Internet Group will utilize the blockchain technology know-how we have accumulated so far and will look to further expand the possibilities of blockchain technology through the partnership.”
– Ken Nakamura, Chair of Crypto Business Committee at GMO Internet Group

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