Kakao

Kakao, South Korean Chat App, Ready to Launch a Blockchain Subsidiary

Several enterprises and businesses are investing in blockchain technology. The future may be very promising for this industry and firms do not want to lag behind. The popular South Korean Chat App, Kakao, has decided to establish a Blockchain subsidiary that may be called “Kakao Blockchain.”

Kakao Blockchain

Kakao is not only thinking about launching a Blockchain subsidiary, but also an Initial Coin Offering (ICO). The information has been released by Huffington Post Korea on March the 5th. Apparently, the business plan for the blockchain subsidiary will be presented in the next weeks, according to the report.

South Korea does not allow Initial Coin Offerings to take place in the country. Indeed, the government has banned ICOs. That’s why it is expected for Kakao to launch its ICO in another country, possibly Singapore or Hong Kong. kakao3 300x225 - Kakao, South Korean Chat App, Ready to Launch a Blockchain Subsidiary

The probably named “Kakao Coin,” will be used as the native cryptocurrency of the messaging app and many other applications like KakaoTalk, Kakao Driver, or Kakao Games. At the moment, and according to the cryptocurrency analyst Joseph Young, Kakao Talk and KakaoPay have 90% penetration in the South Korean market.

If the company’s plan shows positive results, then it can be a very important step for cryptocurrency adoption in the Asian country.

At the moment Telegram has announced its plans to launch an ICO and a next generation cryptocurrency that would work in its platform. Furthermore, the intention is to create a blockchain platform, something similar to what Kakao is trying to do. The platform is expected to be known as “The Open Network,” or as “Telegram Open Network.”

Another messaging app that has decided to attract cryptocurrency users is Line. This Japanese-based application released a statement where they have announced the creation of a cryptocurrency exchange that will be integrated to the messaging app.

In this way, most of the important messaging apps from Asia are working in cryptocurrency platforms for their users and native cryptocurrencies for their platforms. Millennials are very interested for cryptocurrencies in these countries and messaging platforms may help them enter the market.

Image: TechNode and Korea-Canada Blog

Build a winning crypto portfolio
Free report teaches how to structure your crypto portfolio, so you can maximize gains and minimize losses.
We respect your privacy.