Kakao establishes its blockchain branch

Along with the blockchain solution South Korean messenger prepares ICO launch
05 March 2018   936

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.

OKEx Ex-CEO to Intend to Raise $40M

Funds are needed for the new exchange called ACDX, which will offer  futures, options, revocable bear/bullish contracts and more
06 February 2020   559

Andy Cheung, who until recently was the operating director of the OKEx cryptocurrency exchange, will open a new derivative trading platform ACDX by the end of the first quarter, CoinDesk reports. The exchange will offer its clients futures, options, revocable bear / bullish contracts, debt contracts and fixed coupon notes.

One of our main goals for the exchange is to provide retail investors with ... structured products that are more commonly used by accredited crypto investors and wealth managers.

 

Andy Cheung

Former chief operating officer at OKEx

In the future, ACDX plans to reach a global level, but first of all it will gather a client base in Asia, using the connections of Cheung and partners in Hong Kong and China. In preparation for the launch, she intends to raise $ 40 million through the sale of tokens and shares in her business to crypto funds, private investment firms and family capital management companies in Europe and Asia. 

We have over $4 million so far and most of the money comes from our own funds. We are in talks with potential investors and likely to announce new investments in the next two months.

 

Andy Cheung

Former chief operating officer at OKEx

To date, ACDX has hired more than 25 employees, including eight developers who are preparing the trading platform for launch.