Korean Web Giant Kakao Announced Own Blockchain Platform

The new product will be open to the public and should become the basis on which developers can create their applications
27 March 2018   454

One of the largest Internet companies in South Korea Kakao has officially announced the creation of a subsidiary named Ground X, specializing in blockchain technologies, reports Yonhap.

During the press conference, the representatives of the operator of the popular in South Korea messenger KakaoTalk told about the launch of a new unit, which will develop its own blockchain-platform. The new product will be open to the public and should become the basis on which developers can create their applications. The release of the new site should take place during the year.

It is also planned that Ground X will integrate all future blockchain services with existing services of Kakao, said the company's CEO Joe Su-yong and Yeo Ming-su.

Now at Kakao 3.0, we will continue to explore our growth potential by seamlessly integrating services among Kakao companies and actively building presence in the global market. 
 

Joh Su-yong 

Co-CEO, Kakao

At the same time, according to ZDNet, Su-yong denied the earlier rumors about the release of Kakao Coin cryptocurrency and ICO outside of South Korea, where such campaigns are outlawed.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   53

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.
 

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.