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South Korea’s messaging app Kakao forays into blockchain

South Korean messaging app operator Kakao Corp is planning to establish a unit focused on blockchain technology.

Tentatively called “Kakao Blockchain”, the new unit is likely to be established this month. Kakao is seeking a “reverse initial coin offering” whereby an established firm will raise capital through offering crypto tokens, Reuters reported referring to a local online media outlet.

The blockchain unit is expected to be led by Han Jaesun, co-founder of local startup accelerator FuturePlay Inc.

According to The Investor, Kakao’s blockchain initiative was much anticipated by industry watchers due to the company’s close ties with domestic cryptocurrency exchange Upbit.

Kakao, better known as South Korea's largest mobile messaging app operator, is an integrated mobile lifestyle platform company with services including mobile messaging (Kakao Talk), gaming (Kakao Games), music (Melon), e-mail (Daum Mail), search (Daum Search), news (Daum News), and more.

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