Kakao Games Lends Metabora $5.8 Million More, Taking Parent Financing to $12.3 Million
Minseung Kang
Summary
- Kakao Games provided an additional long-term loan of 8 billion won to its Web3 subsidiary Metabora.
- The latest financing increased Metabora's total borrowing from Kakao Games to about 17 billion won.
- Metabora, which remains in full capital impairment, plans to use 7 billion won of the borrowing to repay a real estate-backed loan, with the rest to be used for operating expenses.
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Kakao Games has extended an additional 8 billion won ($5.8 million) in long-term financing to its Web3 subsidiary Metabora.
News Tomato reported on August 10 that Kakao Games provided the loan on July 30. The loan has a two-year maturity and carries an annual interest rate of 4.6%. Metabora's total borrowing from Kakao Games has now risen to about 17 billion won ($12.3 million).
Metabora plans to use 7 billion won ($5.1 million) of the funds to repay a real estate-backed loan from Shinhan Bank, with the remainder earmarked for operating expenses.
Metabora oversees Kakao Games' blockchain and Web3 business. The subsidiary has been in full capital impairment since 2022.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.