Korean Messaging Giant Kakao to Launch Blockchain Subsidiary

March 6, 2018 9:59 pm Published by

Kakoa, owner of the popular messaging app Kakao Talk, is reportedly ready to integrate blockchain technology into its business, CoinDesk reported Tuesday.

Kakao, The Bell reported, a South Korean internet company, is considering launching a wholly-owned subsidiary focusing on developing blockchain applications, the report said.

In addition, Kakao may be planning an initial coin offering (ICO), the report said. If the ICO occurs, Kakao would duplicate the path of Telegram, another instant messenger company that claims to have netted $850 million so far through its multi-stage ICO.

According to another report, this one by TechCrunch, CoinDesk said, Kakao has confirmed it wants to set up a blockchain unit, although no further details were revealed.

However, there was no comment from Kakao on the possibility of holding an ICO. It should be noted, the report said, in September 2017, the South Korea government explicitly banned blockchain-based fund-raising activity.

The news follows Kakao’s previous involvement in the launch of Upbit, a South Korea-based cryptocurrency exchange, the report said.

In September 2017, CoinDesk reported Kakao integrated its messaging service with the trading platform, allowing Upbit users to chat and place orders via the platform.

Earlier this year, Japanese messaging giant LINE also announced a plan to launch a new company providing cryptocurrency transactions, as well as exchange and loan services, the report said.

WN.com, Jack Durschlag

Have your say:

Your email address will not be published. Required fields are marked *