Korean web large Kakao is launching a blockchain firm • TechCrunch

Kakao, the Korean web agency that operates the nation’s largest messaging app, is transferring deeper into crypto after it revealed plans to launch a blockchain-focused enterprise unit.

A Kakao consultant confirmed the plans and that the corporate has employed Han Jaesun, CTO of gaming startup FuturePlay, to go up the enterprise. The corporate isn’t commenting on precisely what the brand new division will do, though Reuters reported that native media is speculating that its providers will embody a platform that can permit firms to lift funds by way of ICO.

If the rumors are true, and Kakao will likely be serving to firms to carry ICOs, it might want to work with Korean regulators, who moved to ban them last year. Korea is mostly considered a hotbed for buying and selling bitcoin and different cryptocurrencies.

Kakao is already invested within the crypto house after it opened a buying and selling trade known as Upbit by way of its Dunamu affiliate final 12 months.

The corporate is way from the one messaging app firm to dabble in crypto. Japan’s Line not too long ago introduced plans to introduce a crypto exchange to its chat app and explore blockchain services, whereas Telegram is raising a record ICO that is tipped to hit as much as $2 billion. Chat app Kik raised around $100 million in an ICO that’ll see its service migrated to the blockchain, whereas new challenge Status held an ICO of more than $100 million to construct a fully-decentralized service on the Ethereum blockchain.

Kakao operates a lot of vertical-focused companies that embody funds, ride-sharing, video games, and extra. Currently, it has put appreciable deal with growing these companies, with Kakao Mobility raising over $400 million from buyers final 12 months and Kakao Games pulling in $130 million final month. Kakao itself can be eyeing M&A alternatives after it raised $1 billion via a share offering in Singapore.

Word: The writer owns a small quantity of cryptocurrency. Sufficient to achieve an understanding, not sufficient to vary a life.

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