기사 메일전송
Korean Messaging App Kakao To Dip Feet Into ICOs
  • Albert Kim 편집장
  • 등록 2018-03-05 17:58:53
  • 수정 2018-03-05 18:03:10

기사수정
  • Newly formed Kakao Blockchain to offer Kakao-affiliated ICOs in overseas markets



According to a report in The Korea Herald, top Korean mobile messaging app Kakao is gearing up to enter into the cryptocurrency sphere with plans to launch its own virtual currency in order to fund raise its own blockchain projects in overseas markets.


Kakao’s flagship messaging app KakaoTalk has a dominant 93% market share of the mobile messaging market in South Korea and is widely used by nearly every smartphone user.


Kakao has formed a new subsidiary, aptly named Kakao Blockchain, with a local startup accelerator executive named as CEO.


Perhaps following the footsteps of Telegram’s recently massive $1 billion USD ICO funding round, Kakao is seeking to issue its own cryptocurrency to beef up its businesses in several different industries.


As the South Korean government has officially regulated against ICOs, Kakao Blockchain will be focused on ICO funding rounds in overseas markets for its internal businesses.


This wouldn’t be Kakao’s first foray into the cryptocurrency arena as it owns a 23% stake in South Korea’s #1 cryptocurrency exchange by trading volume, Upbit.


Industry watchers believe that if deemed successful, more private companies will seek to enter the ICO market to help with funding.


[Blockchain News Korea Albert Kim]


[Twitter: @BlockNewsKorea]


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