Kakao To Launch Blockchain Subsidiary

Kakao, the service provider for major South Korean mobile messaging app KakaoTalk, will be establishing a Blockchain subsidiary tentatively named “Kakao Blockchain” and is considering launching an Initial Coin Offering (ICO), Huffington Post Korea reported today, March 5. Jae-sun Han, a partner and Chief Development Officer of tech startup incubator Future Play, will be the representative of the new organization. The concrete business plan for the Kakao Blockchain subsidiary will be introduced on March 20, according to Huffington Post Korea. Since it is currently illegal to run an ICO based in South Korea, Huffington Post Korea writes that the ICO for Kakao would be located abroad, most likely in Singapore or Hong Kong. The hypothetical “Kakao Coin” could then be used as a native currency on various Kakao-provided apps, like KakaoTalk, Kakao Driver, and Kakao Games.

Reference: https://cointelegraph.com/news/popular-s-korean-chat-app-operator-kakao-to-launch-blockchain-subsidiary

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