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Sep 17, 2022

Instagram Pay is the first innovative company in the world to open online stores at more than 100 universities, including Web 3.0 decentralized commerce “InstaBooks” and blockchain project “InstaCoin, INC” listed on the domestic exchange. In order to innovate highly centralized coffee or convenience store franchises, it has developed a premium coffee brand “Gorilla Beans & Books” and expanded the decentralized independent cafe “Gorilla Beans & Books.”

Instagram Pay’s acquisition of Luwak Coffee was achieved by mutual understanding between Instagram Pay, which aims to strengthen Gorilla Beans’ R&D capabilities and expand its decentralized platform cafe business, and Luwak Coffee, which felt the limitations of the B2B business, is expected to have a synergy effect in expanding the Instagram Coin ecosystem.

Bae Jae-kwang, CEO of Instagram Pay, said, “Luwak Coffee is a coffee engineering company that has already been proven in the market with annual sales of 10 billion won. Lee Jung-moo, CEO of Luwak Coffee, said, “We have been watching each other for a long time before our college motivation,” adding, “By combining CEO Lee Jung-moo’s coffee engineering experience with Instagram’s web 3.0 decentralization commerce, a significant change is expected in Korea’s premium coffee brand and cafe platform.”

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