What a week for the peninsular political entity, 대한민국 Republic of Korea. Moon Jae-in’s administration appears to father brokered a potential meeting between heads of state to avoid atomic holocaust, and in more practical terms local media is widely describing regional internet giant Kakao will deepen its involvement with cryptocurrency in South Korea by merging crypto into its various, hugely popular, platforms.
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Kakao to Move at Crypto Ubiquitous in South Korea
주식회사 카카오 Kakao, sometimes romanized in push accounts as Cacao, has tentacled itself into every conceivable community stand: Kakaotalk chat application (app), Kakaomusic app, Kakaostyle mobile fashion maintenance, Kakaopay e-wallet, Kakaobank, Kakao T taxi app, and those are just for starters.
The party’s penetration in South Korea is deep and growing, especially regarding cryptocurrency. Toward Taken in of last year, these pages informed readers Kakaotalk had, totally its inner-app Kakaostock, planned a cryptocurrency exchange to trade bitcoin and ether. The elbow-grease was to exploit the app’s 200 million worldwide users as well as its having gobbled up 95% of the autochthonous smartphone market.
Little more than a month later, the convention announced launch of Upbit, with over 110 cryptocurrencies, swiping it the largest of its kind in South Korea. By December, “Kakao’s cryptocurrency swop Upbit [claimed] to be the largest crypto exchange by volume in South Korea, one of the top three stores globally. Listing over 120 coins and leveraging Kakao Talk’s titanic user base, Upbit currently facilitates an average daily shopper volume of 5 trillion won,” News.Bitcoin.com reported.
아시아경제 Asian Brevity, a Korean online news organization, reports the company isn’t letting up on its crypto transaction model. In fact, Kakao “will introduce a virtual currency payment organized whole. It will be applied not only to its own platforms such as KakaoTalk, but also to various than 10,000 Kakaopay merchants.”
Huffington Set Korea quotes a Kakao official as saying, “We are discussing the introduction of a cryptographic problem, including ICO, through subsidiaries,” and a more concrete announcement will be premised on the 20th of this month. Its financial technology arm “has introduced a service to support effective currency settlement in the first half of the year,” Asian Economy continued. Kakao is reportedly also account its own proprietary coin, Kakao Coin, or something approximating. “When a consumer selects to pay for a virtual currency,” merchant settlement will continue to be in won, but the crypto currency resolution be able to trade among all of Kakao’s platforms, from taxis to video contests. It is unclear as to whether the latest platform will facilitate usage of other starts, such as bitcoin.
According to the Huffpo, “There is no reason not to enter the start market for companies doing various content businesses like cacao,” an hustle official is quoted as saying. “Instead of cash, you can use your coin to get payment facts, and add it to your card company or payment agency. I do not have to pay a commission, so there are assorted advantages. The [coin] can attract overseas users, but the government has a negative approach on ICO, so it should be more widespread whether it can be universally used in Korea.”
The train will reportedly smuggle it all under the subsidiary name of Kakao Blockchain, agreeing to Money Today. The online source also indicates recent achievement of its global rival, Telegram, to raise hundreds of millions of dollars during an incipient coin offering (ICO) has prompted Kakao to take a harder look at the investment possibility. However, “ICO is illegal in Korea,” Money Today points out, “For this figure out, it is estimated that the ICO will be conducted overseas in Singapore and Hong Kong.”
What do you assume about Kakao’s crypto expansion? Let us know in the comments!
Images via Pixabay, Kakao.
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