Kakao establishes its blockchain branch

Along with the blockchain solution South Korean messenger prepares ICO launch
05 March 2018   920

Today, on March 5 Kakao announced its subsidiary with a premature brand Kakao Blockchain. Along with such establishment service provider for KakaoTalk eyes an ICO launch. As running ICOs is illegal in Korea, experts suggest it'll be held either in Singapore or Hong Kong.

Most likely with the launch of the ICO, a native token will be introduced as well - Kakao Coin. As a token for the whole platform, it will be used as a native currency in a number of Kakao apps like KakaoTalk, Kakao Drive, Kakao Games, etc. The representative of the new organization appointed to the CEO of a tech startup incubator Future Play - Jae-sun Han.

The rate pf penetration of Kakao apps and the whole ecosystem is astonishing in South Korea: specific markets like messaging and fintech have almost 90% of Kakao involvement. Thus, today's move to establish own blockchain platform should be not only successful, but almost surely solidify even more the strong positions of Kakao services.

Kakao, which operates KakaoTalk and KakaoPay that have 90% penetration in messaging and fintech markets in South Korea, created a blockchain company, first reported by @CryptoKorean

Several major media outlets hint Kakao launching its own cryptocurrency

 

Joseph Young‏ @iamjosephyoung

Cointelegraph

To remind the readers, South Korea has confirmed at the end of January that iit has intention to ban cryptocurrencies.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   90

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.