Kakao Raises $90 Million in Private Coin Offering to Launch Its Blockchain Platform

Korean Kakao Is Ready to Turn Messaging Application into a Crypto Wallet

 
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A major South Korea-based company Kakao is working on blockchain-based products for the local users, CCN reported on March 18. The corporate portfolio includes the KakaoTalk, a nationwide instant messaging application, along with other digital services like payment system and taxi service.

According to the local media, Kakao corporation has raised $90 million to develop its own blockchain network dubbed Klatyn. This network will be later integrated into the KakaoTalk app, thus making it “a crypto wallet” with features of running various blockchain applications as well as storing and and transferring cryptocurrencies.

It is underlined that each KakaoTalk user will have to decide whether to opt-in a crypto wallet into its profile, or not.

As one industry representative noted:

“Kakao needs a cryptocurrency wallet for users of Klaytn and the best way to roll out the service is to integrate a crypto wallet into KakaoTalk, which over 80 percent of the population of South Korea use to communicate.

Another Korean blockchain professional told that the implementation of crypto wallet in the KakaoTalk will put the industry forward as the social service is “deeply attached to what it means to be Korean.”

Kakao is yet another leading Korean corporation to adopt a blockchain. Samsung has been pursuing the technology for few years, which has led to the purported creation of a native cryptocurrency storage for its Galaxy S10 smartphone, presented in 2019, although the wallet will likely not support Bitcoin.

Also read: Top-5 Crypto Wallets in 2019