Kakao Reportedly Set to Integrate Crypto Wallet in Messaging App

The internet giant is competing with Samsung to capture the South Korean crypto market.

South Korean giant Kakao will integrate its cryptocurrency wallet in its widely-used messaging app KakaoTalk, claims the local financial media outlet Fnnews.

Kakao is the largest internet conglomerate in South Korea which operates platforms including KakaoTalk, KakaoPay, KakaoTaxi, KakaoStory, and KakaoStock. The messaging platform reportedly has 44 million users – a massive market to push crypto.

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According to the March 18 report, Kakao’s move followed a similar approach by Samsung to introduce digital asset wallets in its newly launched flagship smartphone lineup.

Betting Big on Blockchain

Earlier this month, a Bloomberg report claimed that Kakao Corp raised $90 million for its blockchain platform called Klaytn. This followed the company’s spending of more than $57 million in new-age technologies including blockchain and artificial intelligence. And now the push for the integration of a crypto wallet into KakaoTalk shows the internet giant’s aim to dominate the blockchain sector as well.

After the integration of the digital asset wallet to KakaoTalk, the messaging platform can wholly be “used as a crypto wallet,” which will allow users to run various blockchain apps, and send, receive, and store cryptocurrencies, the report stated.

Tech Giants Adopting Crypto

South Korea has always been a crypto hub and one of the largest markets in terms of crypto adaptation. Although the country’s government once tried to suppress the boom of the unregulated financial sector with the ban of initial coin offerings (ICOs) and then with a failed attempt to take out crypto as a whole, the current approach of big techs towards the industry will only boost its adaptation and growth.

Meanwhile, Facebook is also diving into the digital asset industry as it is developing its native digital currency called FacebookCoin. According to a Barclays analysis, the push towards the digital asset sector might bring the global social media giant as much as $19 billion in revenue.

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