Kakao is all set to dive deep in the South Korean Crypto-market
Mar 12, 2018 Posted / 6267 Views
This week have been unusual for the Republic of Korea as the government officials seemed to have somehow made a deal for a potential meeting between the head of state to avoid a catastrophe. The local media is giving extensive coverage to the Internet Giant Kakao and how it profoundly involves itself with cryptocurrency in the peninsular nation. The company has officially hinted to incorporate cryptos to its multiple, widely famous platforms.
Kakao or Cacao is one company who has a humongous presence in every possible community or people's platform in the country. Its products include Kakaotalk chat application (app), Kakaomusic app, Kakaostyle mobile fashion service, Kakaopay e-wallet, Kakaobank, Kakao T taxi app, etc. How it is strategizing to amalgamate itself and grow with the help of cryptocurrencies profoundly is incredible.
It was during last year’s Autumn that Kakaostock had planned a cryptocurrency exchange that would trade in bitcoin and Ether. The company had premeditated to make use of app's 200 million worldwide users, as the company had already seized some 95% of the domestic smartphone market.
It has been just a month that the company announced the launch of Upbit with more than 110 cryptocurrencies ( a rough figure). This announcement has extended a great benefit to the firm as now it remains one of its kind exchange in South Korea. One news report presented by new.bitcoin.com said that by December, “Kakao’s cryptocurrency exchange Upbit [claimed] to be the largest crypto exchange by volume in South Korea, one of the top three markets globally. Listing over 120 coins and leveraging Kakao Talk’s massive user base, Upbit currently facilitates an average daily trading volume of 5 trillion won."
Asian Economy, a Korean web news service, states that the company is profoundly involving itself with its crypto business model and does not seem in a mood to let it go. It reported that in fact, Kakao “will introduce a virtual currency payment system. It will be applied not only to its own platforms such as KakaoTalk but also to more than 10,000 Kakaopay merchants.”
Notably, one Kakao official was quoted by Huffington Post Korea saying, “We are discussing the introduction of a cryptographic business, including ICO, through subsidiaries,” and he further went on to state that a more definite announcement will be given on March 20. As Asian Economy continued to elaborate, it told that its financial technology unit “has introduced a service to support virtual currency settlement in the first half of the year,” and Kakao is also contemplating to launch its own proprietary coin, Kakao Coin, or something similar.
It appears that they will persist on the space and will experiment till the customers are willing to pay. “When a consumer chooses to pay for virtual currency,” merchant settlement will stay to be in won, but the cryptocurrency should continue to trade amongst all of Kakao’s platforms, (which is quite extensive from taxis to video games). However, there is haziness in the picture as if this newest platform will facilitate the use of other coins, which includes the likes of bitcoin.
As per the reports of Huffington post, “There is no reason not to enter the coin market for companies doing various content businesses like cacao,” an industry official is quoted as saying. “Instead of cash, you can use your coin to get payment data and add it to your card company or payment agency. I do not have to pay a commission, so there are many advantages. The [coin] can attract overseas users, but the government has a negative view on ICO, so it should be more widespread whether it can be universally used in Korea.”
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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