South Korean giant reveals amazing news.
Cryptocurrency ‘Kakao Coin’ to be used by the company moving deeper into crypto for other services and apps like the famous Kakao Talk, Kakao Games, and Kakao Driver.
The operator of Kakao Talk— a South Korean giant messaging company, is coming up with a plan to launch a blockchain subsidiary tentatively called Kakao Blockchain.”
It was calculated as part of the plans is to have Kakao Coin to be used as a native currency for the company’s other services and apps platforms like the Kakao Games, Kakao Driver, and Kakao Talk. This means that the Kakao Coin will be used as a substitute for the regular money deposits on these platforms.
The tech giant has confirmed that the company has hired Huan Jaesun— CTO of gaming startup FuturePlay, to head up the business plan.
Presently, the plans are still kept from the public, but as reported by The Huffington Post Korea, the company will be ready to give their detailed plan on which direction they are taking in a press conference on March 20th, this month.
It is rumored that South Korea is the next hub for trading bitcoin and other cryptocurrencies, and Kakao has already invested into the crypto technology right after it opened a trading exchange called Upbit—a new Korean cryptocurrency exchange.
Having its own mobile payment subsidiary, KakaoPay, Kakao Group can use its own crypto currency as payment in availing services among the company’s other applications, products, and services.
Even though it’s not yet officially confirmed by Kakao, there is an imminent ICO to secure the funds.
In the business world with the growing awareness of the Blockchain technology, it has turned heads of some big tech companies who are currently looking into slowly incorporating blockchain technology into their businesses.
Early this year, Mark Zuckerberg has revealed that he will consider cryptocurrencies to provide better services to all the Facebook users around the world.
On the other hand, the South Korean government who banned digital coin offerings last year in South Korea has ruled out banning trading early this year for cryptocurrency since the hot issue of following the melodramatic rise of the bitcoin prices.