Kakao, South Korean Internet Giant, To Launch its Own Kakao Coin

Rate this post

Different enterprises are starting to move towards Blockchain technology. The South Korean internet Giant, Kakao, is ready to enter the cryptocurrency market by launching its own token: Kakao Coin. The intention is to create a blockchain subsidiary and integrate the users and merchants that use the platform.

Kakao Coin the Next Cryptocurrency

Other messaging applications and enterprises like Line, WeChat or Telegram have plans to launch their own tokens or cryptocurrency platforms. Now, the South Korean company Kakao, is ready to do so. According to Huffington Post Korea, the company is working on a business plan to integrate the platform with cryptocurrencies.

Kakao Talk Logo

The company is planning to enter the market with an Initial Coin Offering. Of course, as South Korea has banned Initial Coin Offerings, the company has decided to launch the ICO abroad. Among the places that could host the ICO we find Singapore and Hong Kong.

There is no confirmation about the name of the cryptocurrency, but a possibility is Kakao Coin. This will be an important step to increase adoption in South Korea, a country very engaged with the cryptocurrency market. Indeed, the country is one of the most active in trading volume after the United States and Japan.

Kakao Coin would be used among all the platforms that the company has, including KakaoTalk, KakaoPlay or KakaoGames.

The Blockchain subsidiary of Kakao will work exclusively with blockchain technology. That’s why the company has hired Han Jaesun, CTO of FuturePlay, to run the new business. Besides that, Kakao may also help other companies to hold their ICOs as well.

Line Exchange and Telegram Cryptocurrency

At the same time that Kakao proposes the creation of an ICO, Line is working in order to launch a cryptocurrency exchange. The intention is to allow users from all over the world to have an easy access to the crypto market.

A statement released by the company reads as follows:

“In the midst of this success, LINE has established this new company in order to create and provide an even more revolutionary financial service. Going forward, LINE will use this new company 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 – all from the LINE app – and will continue to grow its financial business.”

Telegram is also thinking about creating a third generation cryptocurrency. The token will be known as TON or Telegram Open Network. The Initial Coin Offering will be the biggest ever searching to gather $500 million dollars. In this way, the cryptocurrency will spread among a platform that is used by cryptocurrency enthusiast.

Join the conversation over at Telegram (https://t.me/coinstaker)

Image Courtesy of Kakao