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Japanese internet giant GMO Internet Group enters partnership to explore building blockchain business on Klaytn

GMO Internet Group will partner with Klaytn Foundation to explore blockchain business synergies on Klaytn, a blockchain initiative by the Kakao Group.

GMO Internet Group’s latest move is a continuation of the conglomerate’s global expansion in internet infrastructure, financial services, e-commerce, payments, and cryptocurrency business segments. It currently operates online FX trading platform and brokerage, internet bank, the payment gateway businesses, cryptocurrency exchanges, and is the issuer of stablecoins GYEN and ZUSD which are pegged to JPY and USD respectively. GMO Internet Group takes pride in building all of its products internally and has a deep expertise in blockchain based product development.

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

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

"GMO Internet Group will utilize the blockchain technology know-hows we have accumulated so far and will look to further expand the possibilities of blockchain technology through the partnership,"

says Ken Nakamura, chair of cryptocurrency business committee at GMO Internet Group.

"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,"

says David Shin, head of global adoption at Klaytn Foundation.

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