Ground X, the crypto unit of South Korean messaging-app operator Kakao, raised US$90 million through a private coin offering.

Venture capital and private equity funds including IDG Capital, Cresendo Equity Partners and Translink Capital participated in the round.

According to Ground X CEO Jason Han, the Tokyo-based firm is planning another round targeting a similar sum starting March 12, as it gears up to launch its blockchain platform Klaytn in June.

It plans to initially fill Klaytn with services ranging from games to travel apps from third parties.

Ground X has reportedly teamed up with 26 companies for the apps.

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