South Korea is one of the countries where the world of blockchain is rapidly growing. A proof for that is KakaoTalk., the largest South Korean messaging platform designed by the Kakao Corp. As of recently, this app has started focusing on blockchain technology with the launch of the company’s own ICO.
Also dubbed as the ‘Kakao Blockchain’, this new project will focus on utilizing blockchain within the Kakao ecosystem. Even though it is still early to know what kind of business plan the company will push forward, official reports say that the corporation’s current plans are to announce a concrete roadmap in a press conference scheduled on March 20th.
According to many experts, this blockchain-based move for Kakao may also explore the launch of their own cryptocurrency which would be the ‘Kakao Coin’ through an initial coin offering (ICO). Since ICOs are banned in South Korea, the company is actively looking at overseas jurisdictions such as Singapore and Hong Kong to launch their ICO.
Around 93% of South Korea’s population using the app as their go-to messaging platform will definitely follow this move and enter the cryptocurrency space. So far, the launch of Upbit proved that as the cryptocurrency exchange that has support for around 110 tokens since last September.
The plans by Kakao Corp. are to follow the moves of the $850 million ICO presale of Telegram, the encrypted messaging app.
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