Kakao, the biggest internet conglomerate in South Korea, is getting ready to integrate crypto. With the company having more than 44 million local users, this is bound to increase interest in cryptocurrencies.Kakao is also operating platforms like KakaoTalk, KakaoTaxi, KakaoPay and many others who show incredible dominance in their markets.
According to the fnnews, the integration of a crypto wallet by Samsung propelled Kakao to integrate a wallet of their own into their messaging app. With a casual and easy to use interface, users will be able to use digital assets with ease.
This move signals confidence in the crypto and blockchain development and adoption. With both Samsung and Kakao integrating crypto wallets, blockchain services and usage are bound to grow exponentially in the next few years.
South Korean media have reported that Kakao is aiming to raise more than $100 million. The money will help develop and grow the conglomerate’s very own blockchain network named Klatyn. With KakaoTalk being used to introduce the blockchain network to the public, the reception is bound to be good.
KakaoTalk will South Korea’s first major public encounter with cryptocurrencies
KakaoTalk will have to receive some major updates in order to incorporate the wallet’s many functions. The wallet will be able to run a growing number of blockchain apps as well as send, receive and even safely store cryptocurrencies.
Due to cryptocurrencies not being near the stage of mass adoption, Kakao is considering an opt-in method for cryptocurrency. It’s completely understandable that despite KakaoTalk’s popularity, many users might prefer to limit their exposure to the crypto wallet. KakaoTalk currently allows that same opt-in option when it comes to mobile games on the platform. Users are able to play a huge variety of mobile games or run many apps only if they see fit.
Most experts believe that the crypto wallet will be released in the same fashion and users will be able to choose if they wish to use its services. Even if some people decide to ignore the wallet function, one industry executive stated:
“Kakao is indeed in a need of a crypto wallet. Klaytn’s users will be given one that will be integrated with Kakaotalk. After all, over 80% of the population of South Korea uses this app to communicate.”
South Korea has a population of a little over 55 million and the 80% of them using KakaoTalk will guarantee a huge exposure to the new crypto wallet. South Korea is probably one of the most technologically driven societies on the planet. If mass adoption has to start somewhere, chances are it’s going to be South Korea.
The crypto sector is bound to grow in South Korea over the next few years. With Samsung and Kakao both working hard on integrating blockchain tech, it’s only a matter of time that other South Korean companies join. Investors have demonstrated reserved optimism towards the initiatives of both Kakao and Samsung.
This month seems to be great for cryptocurrencies in Korea as earlier SamsungPay announced their plans to integrate cryptocurrencies. Slowly, but surely, South Korea is on its way to reap the full benefits on blockchain technology. It’s only a matter of time before the rest of the world follows.
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