South Korean Messaging App Kakao To Unveil Blockchain Platform Within The Year, Rules Out ICO
Joh Su-yong, Co-CEO of South Korean chat giant Kakao, said the company will unveil its own blockchain platform within the year, but will not create its own cryptocurrency.
Kakao’s new blockchain business unit Ground X in Japan, which was established on March 16, will develop the blockchain platform. The goal is to design an effective blockchain platform, similar to ethereum, onto which various services can be built. The chat giant will also actively set up networks with global IT firms to take the leadership in the Asian market.
During a press conference held in Seoul, Su-yong said the blockchain platform would allow Kakao, which has so far failed to establish a global presence as its businesses are largely limited to only the Korean market, to become a potential leader of Asia’s blockchain ecosystem.
Su-yong also denied previous reports that Kakao would raise fund by issuing its own cryptocurrency via a reverse initial coin offering (ICO) and potentially integrate the token system into its services that involve payments.
Su-yong said that while the Korean mobile giant recognizes the benefits of such integration, it sees greater value in developing a proprietary blockchain platform that can serve as a baseline tool for developers building new services.
He added that company has no plans to enter the crypto trading market. He said Kakao’s partnership with Dunamu, the operator of Upbit, one of Korea’s top three cryptocurrency exchanges, is no more than a financial investment.
“We are not thinking of pursuing an ICO at this moment,” said Su-yong. “We will focus resources on developing a meaningful blockchain platform which many partners in Asia can effectively use and share, with aims to debut it within the year.”
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