Blockchain Startup Festy Receives Investment South Korean Chat Giant Kakao
Ireland-based blockchain ticketing startup Festy has received an undisclosed investment from South Korean chat giant Kakao to develop a blockchain-based payment system.
Founded in 2016, Festy started as a product for wristbands at music festivals that stored payments and ID data so users didn’t have to carry cash or cards on the campsite. It has since evolved into a blockchain ticketing and payments mechanism for retailers, festivals and conferences, using a distributed ledger to record transactions.
As part of the investment, Festy will be working with Kakao’s blockchain subsidiary Ground X, which will launch the public testnet of its blockchain platform Klaytn on March 29. They will focus on applying Klaytn to both a blockchain-based payment system and on analytics applications.
“What they like about us is a ticketing system for checking in and checking out for clubs and other types of live events,” Festy founder Graham de Barra told Irish business news outlet For. “It’s very good for organizers of events to see the flow of people in their events and they have this auditable real-time ability to see it on chain. The verifiable analytics side of the solution really jumped out at Kakao.”
According to Barra, the system will be privacy-focused and will allow the consumers a greater view and control over what data is collected about them.
“We can allow a more transparent system for these transactions to occur where the consumer can get remunerated for contributing towards this big data that’s being built around them and the more they enrich it, the more they can earn or they can totally opt out,” he said.
De Barra further said that he expects to launch Festy on the Klaytn platform in July.
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