Kakao Investment considers acquiring Cosmochain’s FitsMe service

Layer 1s • July 4, 2019, 5:53AM EDT
UPDATED: July 4, 2019, 9:48AM EDT
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South Korean messaging app giant Kakao’s venture arm Kakao Investment is considering buying FitsMe, a beauty product recommendation service from blockchain startup Cosmochain, Cosmochain told The Block Thursday.

Cosmochain further said that it is “not decided” whether Kakao will be acquiring the management rights of Cosmochain. Cosmochain also did not disclose a specific investment amount or stake that is being considered by Kakao Investment.

Cosmochain said that Kakao Investment's consideration in acquiring FitsMe has “nothing to do with Kakao Hairshop.” News 1 Korea reported that the acquisition is aimed at introducing a new beauty service by linking Kakao’s hair salon booking service Kakao Hairshop to Cosmochain’s upcoming blockchain-based beauty social media decentralized app or dapp Cosmee.

Interestingly, Cosmee is one of the supported dapps for the Samsung Galaxy S10 smartphone.

However, Cosmochain recently announced that Cosmee will be integrated into FitsMe and be serviced on Kakao’s blockchain platform Klatyn.

UPDATE: Our previous story, citing a report from News 1 Korea, said that Kakao will acquire management rights in Cosmochain’s operator Blandid via its venture arm Kakao Investment. After the publication of that article, Cosmochain reached out to The Block and clarified the news.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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