The leading South Korean chat company, Kakao, is the latest messaging company to announce its entry into the blockchain arena. The company has set up a blockchain subsidiary in Japan called Ground X. This follows the eye-popping ICO by Telegram which has raised $1.7billion so far. That dwarfs the $100m ICO from Kik last year. The reason for the fuss is that chat apps could become the primary method for consumer payments.
This week, Kakao’s co-CEO Joh Su-yong, quashed speculation that Ground X or Kakao would seek an ICO. Kakao recently raised $1 billion in funding. Su-yong said of Ground X, “it will be an open platform that can be shared by developers and tech firms not just in Korea but also across Asia,” according to The Investor (Korea). Together with partners, the company wants to create a blockchain token economy in Asia.
The creation of this token economy is the reason why businesses across all consumer sectors should take note.
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