Well known S. Korean Chat App Operator Kakao To Start Blockchain Subsidiary

Kakao, the service provider for important South Korean cell messaging application KakaoTalk, will be establishing a Blockchain subsidiary tentatively named “Kakao Blockchain” and is considering launching an First Coin Offering (ICO), Huffington Article Korea reported right now, March 5.

Jae-solar Han, a lover and Main Enhancement Officer of tech startup incubator Long term Enjoy, will be the agent of the new group. The concrete small business prepare for the Kakao Blockchain subsidiary will be released on March 20, in accordance to Huffington Submit Korea.

Since it is presently unlawful to operate an ICO based mostly in South Korea, Huffington Put up Korea writes that the ICO for Kakao would be found overseas, most probably in Singapore or Hong Kong. The hypothetical “Kakao Coin” could then be applied as a indigenous forex on several Kakao-offered applications, like KakaoTalk, Kakao Driver, and Kakao Video games.

Cointelegraph contributor Joseph Younger tweeted today, March 5, that KakaoTalk and KakaoPay, their cellular payment services, have “90% penetration in messaging and fintech markets in South Korea:”

Rumors of an all out cryptocurrency ban in South Korea triggered the crypto markets to fall seriously in January 2018. Considering that then, the governing administration has clarified that there is no prepared crypto ban.

Last thirty day period, well-liked messaging application Telegram, registered in the British Virgin Islands,  reported that they had elevated $850 mln from 81 traders in what was proficiently a closed ICO pre-sale. For US-dependent investors, Telegram filed an exemption with the US Securities and Trade Commission (SEC) so that their tokens did not have to be registered as securities, and only so-named accredited traders could lead.

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