Kakao Confirms Creation of Blockchain Platform, Denies ICO Rumor

Kakao Confirms Creation of Blockchain Platform, Denies ICO Rumor

South Korean internet giant Kakao has confirmed it is setting up a new blockchain subsidiary, but quashed rumors of a planned initial coin offering.

In a press conference hosted Tuesday, the operator of South Korea's largest messenger app, Kakao Talk, said the company has launched a new division to start developing a blockchain-powered platform for completion within the year. The new product will be open to the public as a foundation for application developers,Yonhapreports.

Called Ground X, the subsidiary is also planned to integrate future blockchain-based services with Kakao's existing internet offerings, according to Kakao's co-CEOs Joh Su-yong and Yeo Min-soo.

"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 said at a news conference.

The news confirms areport earlier this month that Kakao had established the blockchain unit.

Another article today shoots down a rumor cited in the above report that Kakao may be considering its own cryptocurrency dubbed Kakao Coin, to be issued through an ICO outside of South Korea where they are banned.

As perZDNeton Tuesday, Joh denied any plans plan for an ICO, either within South Korea or through an overseas method to bypass regulation in the country that outlawed the token-based fundraising method in September 2017.

Kakao was previously involved with the launch of South Korean cryptocurrency exchange Upbit, when it integrated its messaging services with the trading platform.

Kakao Talk image via Shutterstock

27.03.2018 / 04:00 46
Korean Regulator Warns Kakaos ICO Abroad Could Violate Crypto Regulations Korean Regulator Warns Kakaos ICO
Responding to media reports that South Korean internet giant Kakao plans to raise funds using an initial coin offering (ICO) abroad, the countrys
South Koreas Kakao to Integrate Cryptocurrency For 12,000 Merchants & Millions Users South Koreas Kakao to Integrate
Asia Business, an influential finance-focused media outlet in South Korea, has reported that Kakao, one of the two largest internet companies that
Korean Messaging Giant Kakao to Launch Blockchain Subsidiary Korean Messaging Giant Kakao to Launch
South Korean internet giantKakao, which owns the popular messaging app Kakao Talk, is reportedly moving to integrate blockchain technology in its
South Koreas Largest Messaging App Plans Blockchain Unit with ICO Launch South Koreas Largest Messaging App
Kakao Corp, operator South Koreas largest messaging platform KakaoTalk, is set establish a subsidiary focused on blockchain technology coinciding
South Korea Chat Giant Will Launch ICO In New Blockchain Drive  Report South Korea Chat Giant Will Launch
South Koreas largest chat app operator Kakao is looking to expand into the international Blockchain market via a so-called reverse ICO, sources
Popular S. Korean Chat App Operator Kakao To Launch Blockchain Subsidiary Popular S. Korean Chat App Operator
Kakao, the service provider for popular South Korean messaging app KakaoTalk, is establishing their own Blockchain subsidiary and may launch an ICO.
Comments (0)
Add a comment
Comment on