Korean Internet giant, Kakao Corp is launching Blockchain Subsidiary

Korean Internet giant kakao blockchain subsidiary smartereum.com

South Korean giants and owners of the popular messaging app Kakao Talk, Akamai are set to launch a subsidiary with a focus on developing blockchain applications.

Though South Korea banned any blockchain-based fund-raising activity last year, this would be no barrier as Akamai have decided to launch it in another country, which could either be in Singapore and Hong Kong.

Kakao is not only thinking about launching a Blockchain subsidiary, but also an Initial Coin Offering (ICO) through which they will launch of their own cryptocurrency, ‘Kakao Coin’. This was revealed by the Huffington Post Korea on Monday. Apparently, the business plan for the blockchain subsidiary will be presented on March 20th, according to the report.

Kakao Coin “will be used as the signature cryptocurrency of the messaging app and would be integrated into the company’s other applications like KakaoTalk, Kakao Driver, or Kakao Games.” 

With the growing popularity of Blockchain technology, several big tech giants, like IBM have been weighing their options and putting steps in place to slowly adopt this technology to more efficiently and decrease the risk of fraud. Most of these companies which are technology companies are adopting blockchain to have access to easy storage and sharing of information between parties, a feature blockchain has revolutionized.

In a similar development, another messaging app that has decided to attract cryptocurrency users is Line. The Japanese-based application released a statement where they have announced the creation of a cryptocurrency exchange that will be integrated into the messaging app. They also revealed that the new company will serve as a base as it proceeds with preparations to provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance.”

Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.

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