Kakao integrating crypto – 44 million local users will have access to crypto! Kakao is the biggest internet conglomerate in South Korea. They operate KakaoPay, KakaoTaxi, KakaoStory, Kakaostock, and many other platforms. They dominate their respective markets that they participate in.
Samsung is integrating their Samsung Blockchain Wallet with their devices, and Kakao is following Samsung’s news by integrating a crypto wallet into their messaging app. This will allow casual users of Kakao and their suite of products to use their digital assets on a daily basis.
Rumors abound as to why Kakao has taken the leap into crypto, but the most promising is from local publications reporting that Kakao has raised $90 million to develop its own blockchain network called Klatyn. The quickest way to introduce their blockchain network is to offer a crypto wallet with Kakaotalk.
Kakaotalk will allow users to run various blockchain applications – they’ll be able to send, receive, and store cryptocurrencies.
For now, Kakao is allowing members to opt-in to enable cryptocurrency and blockchain services. Users will have total control over the presence of the wallet on their messaging app.
With this ability, KakoTalk users can play mobile games and run applications natively on the platform – but the catch is – they have to opt-in to use the service.
If Kakao moves forward with its current plans to integrate a crypto wallet into an app used by millions of users in South Korea, they’ll be paired with the country’s most widely utilized device, the Samsung Galaxy S10, will both have crypto support. This could push South Korea to really push mass adoption for crypto technology.
Investors agree – the sentiment around Samsung Blockchain Wallet and Kakao’s integration of crypto have been positive and investors in local markets have demonstrated optimism.
What do you think? We knew that Samsung was releasing a crypto wallet with their Samsung Galaxy S10. We didn’t know about this! Do you think South Korea will be the first country to really drive mass adoption? Let us know what you think on our Facebook Page!