Rajarshi Mitra
Independent Analyst
- Kakao has over 44 million active users and is South Korea’s largest internet conglomerate.
- Kakao has raised an estimated $90 million to develop Klatyn, their own blockchain network.
South Korea’s biggest messaging app, Kakao is integrating a crypto wallet that will allow users to use crypto on a daily basis. Kakao has over 44 million active users and is South Korea’s largest internet conglomerate, operating not only KakaoTalk, but KakaoPay, KakaoTaxi, KakaoStory, KakaoStock, and many other platforms that dominate the space they’re in.
Kakao has raised an estimated $90 million to develop Klatyn, their own blockchain network. Their plan is to migrate Kakao’s existing platforms onto the blockchain, the first of which will be KakaoTalk. The integration of a crypto wallet into KakaoTalk will be a way to introduce Kakao users and the general public to Klatyn.
According to an industry executive familiar with Kakao’s cryptocurrency integration:
“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 percent of the population of South Korea use to communicate.”
Heslin Kim, CEO of Blockchain ROK, spoke of the mainstream potential of this integration:
“The fact that one of the most widely adopted apps [KakaoTalk], with over 95% market share, is publicly promoting and spreading blockchain/crypto is tremendous for mainstream adoption. Connect the dots with the market share and total population. With Samsung’s S10 and now Kakao’s wallet we can continuously expect Korea to be at the forefront of the DLT disruption.”
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