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   369

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.

Coinbase to Issue New Statement

As reported, company says it was wrong about SEC approval of acquisitions of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC
18 July 2018   11

Vice President of Communications of Coinbase Rachel Horwitz denied the information that the company received approval from the Securities and Exchange Commission of the United States for a deal to buy brokerage companies. This is reported by Bloomberg.

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.
 

Rachel Horwitz

Vice President of Communications, Coinbase

On Monday, a spokesman for Coinbase said that the company received permission from the SEC and the Agency for Regulation of Financial Institutions (FINRA) to purchase Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC.

However, despite the refutation from Rachel Horwitz, Coinbase still intends to obtain a license to carry out brokerage activities.