Kakao pockets $1bn from GDR issue

seoul korea px230 city
By Jonathan Breen
18 Jan 2018

South Korean mobile messaging platform Kakao Corp raised $1bn this week from an issue of Global Depository Receipts (GDRs), defying fears it would suffer from its link to a cryptocurrency exchange.

Kakao backed South Korean cryptocurrency exchange Upbit in late 2017, when the market’s poster child, Bitcoin, was leading a surge in the value of cryptocurrencies. But fast-forward to this week and their values collapsed. South Korea has threatened to ban trading in the currencies.

Despite the negative backdrop, ...

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