Korean Messaging Big Kakao to Start Blockchain Subsidiary

South Korean world wide web giant Kakao, which owns the well-liked messaging app Kakao Converse, is reportedly shifting to integrate blockchain technology in its organization.

Regional news resource The Bell noted Monday that Kakao is contemplating the start of a wholly-owned subsidiary that will aim on developing blockchain apps.

Furthermore, the organization could be setting up an first coin offering (ICO). If so, the move echoes that of Telegram, one more quick messenger corporation that claims to have netted $850 million so much via its multi-stage ICO.

According to one more report by TechCrunch these days, Kakao has verified that it aims to established up a blockchain device, despite the fact that no further details were disclosed.

However, the corporation did not remark on the chance of holding an ICO. Notably, the South Korea governing administration explicitly banned the blockchain-primarily based fund-boosting action in September last yr.

The news follows Kakao’s previous involvement in the start of Upbit, a South Korea-primarily based cryptocurrency trade.

As noted by CoinDesk in September 2017, the corporation integrated its messaging provider with the investing platform, letting Upbit customers to chat and position orders by using the platform.

Earlier this yr, Japanese messaging large LINE also introduced a prepare to start a new corporation delivering cryptocurrency transactions, as effectively as trade and bank loan companies.

Kakao Converse app image by using Shutterstock

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