Popular Messaging App from South Korea KakaoTalk Plan To Launch Their Own Coin

Kakao, the service provider for South Korea’s leading mobile messaging application KakaoTalk, will create a subsidiary Blockchain temporarily called “Kakao Blockchain” and plans to launch an initial coin offering (ICO), Huffington Post Korea reported today, March 5.

Jae-sun Han, partner and development director of the Future Play incubator, will represent the new organization. The concrete business plan of the Kakao Blockchain subsidiary will be unveiled on March 20, according to Huffington Post Korea.

Given that it is currently illegal to run an ICO based in South Korea, Huffington Post Korea writes that the Kakao ICO would be located in a foreign country, most likely Singapore or Hong Kong. The hypothetical “Kakao Coin” could then be used as an native currency on several applications provided by Kakao, such as KakaoTalk, Kakao Driver and Kakao Games.

Cointelegraph collaborator Joseph Young announced today, March 5, that KakaoTalk and KakaoPay, their mobile payment service, have “a 90% penetration in messaging and fintech markets in South Korea”.

Rumours of a total ban on cryptocurrencies in South Korea led to a sharp fall in crypt markets in January 2018. Since then, the government has indicated that there are no plans to ban cryptocurrencies.

Last month, the popular messaging application Telegram, registered in the British Virgin Islands, reported that it had collected $850 million from 81 investors in what was in fact a private ICO pre-sale. For investors based in the United States, Telegram has filed an exemption with the U. S. Securities and Exchange Commission (SEC) to ensure that their tokens do not have to be registered as securities and that only so-called accredited investors can contribute.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Felix Küster

Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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