Kakao, which owns South Korea’s largest messaging app KakaoTalk is planning to enter cryptocurrency business by launching a block chain-focused business unit. It’s reported by Huffington Post Korea that the company has established a blockchain subsidiary, ‘ Kakao Block Chain (tentative name)
For this, the company has appointed Jae-sun Han of Future Play as a partner and Chief Development Officer. A Kakao representative said, “We are discussing the introduction of a cryptographic business through subsidiaries.” KaKao will announce a concrete business plan including Initial Coin Offering (ICO) through a press conference on the 20th.
Keeping in mind that running an ICO in South Korea is illegal, the company might set up the ICO for Kakao outside the country, most likely in Singapore or Hong Kong. It’s also said that the hypothetical “Kakao Coin” would be used as a native currency to use various Kakao services, like KakaoTalk, Kakao Driver, and Kakao Games.
Source: Huffington Post Korea
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