South Korean app provider, Kakao, has helped to raise over $15 million in cryptocurrency for Orbs, a hybrid blockchain platform.

Orbs Blockchain Raises $15 Million

Kakao joined the fundraising venture through its investment arm because it “always seeks to invest and support innovative startups and Orbs is a good example.”

It also builds on the pair’s existing partnership; Orb already partners with Kakao’s blockchain subsidiary, Ground X. The two companies develop blockchain applications, along with researching and developing projects.

The latest investment will “focus on helping Orbs further the protocol’s development and growth.”

On the investment, Daniel Peled, Orbs CEO and Co-Founder said:

“With Kakao’s consumer applications counting more than 50 million active users worldwide, the investment in Orbs represents a significant endorsement of the long-term potential of our technology.”

About Orbs Blockchain

But what exactly is Orbs doing? How is it innovative?

According to its website Orbs is “a public blockchain to complement base-layer protocols.”

Describing itself as a “universal and scalable second layer for decentralized applications with the liquidity of a base layer,” Orbs is a hybrid public blockchain that proves performance without compromising security.

Raising Funds

The startup raised approximately 139,000 ETHer and 892 Bitcoin (available on Coinbase). This amounts to around $15.4 million USD at the time of writing.