South Korea-based internet company Kakao Corp has announced that its blockchain division will launch its own blockchain platform on June 27th. The blockchain is called Klaytn and has been created by Ground X. The company announced their plans at Consensus 2019.
Kakao is a major force in the South Korean market. At least 96 percent of the country uses services owned by the internet company. The company has a presence in messaging with Kakao Talk, gaming, content services, financial services and mobility services.
In March 2018 Kakao made its intentions to start their own blockchain public. In October the company launched a test version of the network, which was tested with at least ten national and international partners. Klaytn is focused on running decentralized apps (dApps).
Many companies have already become partners to run their services on the Klaytn blockchain. Among them is the Dutch ticketing service provider GET Protocol. Other companies are working on loyalty services, social dating apps, health record management software, and data sharing between e-scooters.
Reportedly Kakao has plans to add an integrated cryptocurrency wallet into their Kakao Talk messaging application. This should happen once Klaytn is live. The company also has plans to launch its own native token, as it wants to raise $300 million through Ground X.
Also published on Medium.