The pilot is to take part over two stages, with the initial basic testing phase set to conclude by December 2021, while the second phase is set to take place over the period to June 2022.
Subsidiaries of Naver and Kakao are reported to have submitted proposals to run the 10-month blockchain pilot program, which will aim to test the feasibility of a central bank digital currency in a simulation.
South Korean crypto wallet Bitberry is set to shut down at the end of this month, blaming the crypto market slow momentum and the uncertainty of the industry.
A week that has seen some of the biggest companies in the world taking to blockchain, from LG to Mitsubishi and Lamborghini as more wallets chose BSV
The Filipino payment services company has secured a stake in Satoshi Citadel Industries Ventures Ltd., a blockchain startup backed by Kakao.
Kakao has been quite busy in improving and adding to their blockchain service platform over the last week, and that continued when it was announced that they would partner on a new blockchain service platform with Irish based startup Festy.
Kakao has been quite active of late, and that continued on Monday with the announcement that they would be integrating their crypto wallet with their messaging app, KakaoTalk.
Kakao has raised $90 million through a private coin offering, and are gearing up for a big blockchain project.
According to a new report, South Korean internet giant Kakao invested $57 million in the research and development of new blockchain and AI technologies.