Another day, another big news coming from the Asian continent in terms of blockchain technology. South Korea, already known as a world leader for new and innovative technologies is again at the forefront of crypto adoption. This time around, it is its biggest messaging platform KakaoTalk. According to multiple reports, KakaoTalk is allegedly planning to integrate a crypto wallet on its platform.
With more than 44 million users, it is no surprise that a platform like Kakao would look into Distributed Ledger Technologies. According to reports, with the integration of this wallet, Kakao objective is to allow users to use crypto on a day to day basis and in a casual manner.
Kakao may be building a monopoly
Kakao’s status in South Korea is almost unmatched. The telecommunication company has a wide array of projects in various sectors, namely: KakaoPay, KakaoTaxi, KakaoStory, KakaoStock, and KakaoTalk.
Now Kakao is looking into the blockchain with the introduction of its own decentralized platform, known as Klatyn. The Korean giant has already raised more than $90 million for this new venture.
Additionally, it has been reported that Kakao plans to move all of its platform on the blockchain, the first being KakaoTallk. This move from Kakao comes after South Korea-based mobile giant Samsung introduced its own crypto wallet.
On a mission to vulgarize and introduce blockchain technology to its users, Kakao surely has high hopes for its future blockchain network.
Furthermore, in a recent interview an executive from Kakao explained that KakaoTalk will allow its users to “send receive and store cryptocurrencies whilst also enabling them to run several blockchain applications”, he further added:
Kakao needs a cryptocurrency wallet for users of Klaytn and the best way to roll out the service is to integrate a crypto wallet into KakaoTalk, which over 80 per cent of the population of South Korea use to communicate.
First Samsung, Now KakaoTalk, it is obvious that South Korea is on pace to become a leader in terms of blockchain technology.