While WhatsApp and Facebook Messenger are among the biggest global messaging apps in the world, some nations have their own apps which are more popular. Some examples of this are WeChat and Line, as well as Kakao Talk, which is the most popular messaging app in South Korea. The company that develops the app, Kakao Corp, is looking forward to developing their own blockchain system and cryptocurrency - the Kakao Coin.
The blockchain system would be known as the Kakao Blockchain and all transactions that would take place on the system would take place using the Kakao Coin cryptocurrency. A subsidiary company, also named, Kakao Blockchain, is expected to be started off soon, which will focus on the development of blockchain technologies. As of now, these are the only details that have emerged. However, as per reports from Huffington Post Korea, Kakao is expected to reveal the complete roadmap and their plans in a Press Conference on the 20th of March.
Kakao is also exploring the possibility of launching their Kakao Coin cryptocurrency via an ICO. The company is exploring the possibilities of doing so overseas and is currently exploring legal options in Singapore and Hong Kong. This ICO will not be based in their home nation of South Korea because the government over there has outlawed Initial Coin Offerings. ICOs are banned in the country since September of 2017.
To understand how big Kakao Talk is in South Korea - you need to give a detailed look at the statistics. 93% of the South Korean population considers Kakao Talk as their preferred means of messaging communication. Interestingly, this won’t be the first time that Kakao would be entering the world of cryptocurrencies. The company has already tapped the crypto markets with the help of a subsidiary company - the Upbit cryptocurrency exchange.
Reportedly, Kakao intends to use the Kakao Coin cryptocurrency in a number of services that they provide such as Kakao Driver, Kakao Games as well as Kakao Talk. Kakao Talk and Kakao Pay services already involve monetary transactions and will benefit a lot from the Kakao Coin service.
Over the recent months, many major names have emerged in the cryptocurrency markets. These names include the likes of LINE Messaging app, as well as Telegram, which broke all the records when it comes to ICO fundings, raising a mammoth $850 Million. Kakao Talk’s ICO plans come off the heels of the Telegram ICO, possibly aiming at a large amount themselves.
South Korea has been one of the biggest names globally when it comes to the use and adoption of cryptocurrency. With time more companies are expected to start focusing on blockchain development and cryptocurrency technology. More details about the Kakao Coin ICO and Kakao’s plans with the cryptocurrency and blockchain platform are likely to emerge over the next few weeks.