South Korean Tech Giant ‘Kakao’ to Integrate Blockchain Technology

Kakao, the service provider for major South Korean mobile messaging app KakaoTalk, is seeking to launch its own virtual currency soon to raise money for new blockchain projects, industry sources said on Monday.

A Kakao representative confirmed the plans and that the company has hired Han Jaesun, CTO of gaming startup FuturePlay, to head up the business. Local media is speculating that its services will include a platform that will allow companies to raise funds via ICO.

If the rumors are true, and Kakao will be helping companies to hold ICOs, it will need to work with Korean regulators, who moved to ban them last year.

Back in February, Kakao raised about US$1 billion through global depositary receipts on the Singapore Exchange. Investors reportedly showed strong interest in the firm’s immensely popular KakaoTalk and related mobility services like KakaoTaxi and KakaoNavi.

Source: Reuters