Kakao Reportedly Set to Integrate Crypto Wallet in Messaging App

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.

3/ Kakao told fnnews that it cannot confirm crypto wallet integration right now (expected answer) but it is putting in efforts to accelerate the growth of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term.

— Joseph Young (@iamjosephyoung) March 18, 2019

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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, 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.