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Cryptocurrencies

Kakao-backed crypto project races to expand outside South Korea

Competition among 'layer one' blockchains heats up as regulatory scrutiny grows

David Shin, head of global adoption at Krust Universe, a Singapore-based subsidiary of South Korea's Kakao that is backing the cryptocurrency project Klaytn. (Photo source materials courtesy of Krust Universe)

NAHA, Japan -- Klaytn, a cryptocurrency project backed by South Korean Internet conglomerate Kakao, is accelerating its overseas expansion amid growing regulatory scrutiny in its home market, a group executive told Nikkei Asia.

Krust Universe, a Singapore-based subsidiary of Kakao, recently invested in Japanese crypto gaming startup Oasys as part of its $20 million funding round. It aims to bring Oasys' gaming content to Klaytn.

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