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