Kakao Games Lends Metabora Another $5.8 Million, Taking Parent Loans to $12.3 Million
Summary
- Kakao Games provided a long-term loan of 8 billion won ($5.8 million) to its Web3 subsidiary Metabora.
- That lifted Metabora's total borrowing from Kakao Games to 17 billion won ($12.3 million).
- Metabora has remained in full capital impairment since 2022.
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Kakao Games has provided an additional 8 billion won ($5.8 million) in long-term borrowing to its Web3 subsidiary Metabora.
News Tomato reported on Aug. 10 that Kakao Games extended 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 17 billion won ($12.3 million).
Metabora plans to use 7 billion won ($5.1 million) of the latest funding to repay a real estate-backed loan from Shinhan Bank, with the remainder to be used for operating expenses.
Metabora, the Kakao Games subsidiary in charge of the company's blockchain and Web3 business, has been in full capital impairment since 2022.
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