Article By Jeremy Wall
Kakao, South Korea’s biggest messaging app with over 44 million active users, is purportedly integrating a crypto wallet that allows users to casually use crypto on a daily basis, according to fnnews, a mainstream financial media outlet in South Korea.
Providing 44 million active users with access to use crypto on a daily basis is very bullish by itself. But what’s more, is that Kakao 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.
Why KakaoTalk Is Integrating Crypto
According to local publications in South Korea, Kakao has raised an estimated $90 million to develop their very own blockchain network called Klatyn. The grand plan behind this network is to migrate Kakao’s existing platforms onto the blockchain, the first of which will purportedly be KakaoTalk.
Therefore, the integration of a crypto wallet into KakaoTalk is a way to introduce Kakao users and the general public to Kakao’s own blockchain network.
Per the report by fnnews, industry executives said KakaoTalk will be used as a crypto wallet, allowing users to send, receive, and store cryptocurrencies while also enabling them to run various blockchain applications. Initially, the use of Kakao’s crypto wallet will be on an opt-in basis.
According to an industry executive familiar with Kakao’s cryptocurrency integration, Kakao needs a cryptocurrency wallet to introduce its proprietary blockchain to the public and their users:
“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.”
Is South Korea Leading the Crypto Sector?
Similar to KakaoTalk, Samsung, the multinational electronic conglomerate also originating from South Korea, are likewise integrating a crypto wallet into the new Samsung Galaxy S10.
South Korea is a country with over 55 million people, and with cryptocurrencies being integrated into the most popular applications and devices in the country, it appears that South Korea is at the forefront of distributed ledger technology.
Speaking on this matter was Heslin Kim, South Korea-based CEO of BlockchainROK:
“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.”
All in all, South Korea is truly setting a precedent for the cryptocurrency industry, as giant technological conglomerates like Samsung and Kakao begin to integrate blockchain technology allowing for the use of cryptocurrencies.