Business 2 July 2018Dennis Wafula
South Korea’s Kakao seeks partners for Steemit-like crypto platform
Mobile app operator Kakao is making arrangements to raise funds for its new cryptocurrency platform. The South Korean company plans to use its subsidiary, Ground X Corp, to create the new platform. Launched in March, the Tokyo-based subsidiary is aimed at developing a blockchain platform that will be utilized in an international level.
In an interview with Bloomberg, Ground X Corp CEO Jason Han said that the company is looking for companies with internet or mobile services to help build the news blockchain platform.
The move by Kakao is aimed to help expand its business in other places around the world. So far, the company has expanded to Japan with a popular manga-app called Piccoma. According to reports, the new crypto platform will help the company expand to all Asian countries.
“The biggest problem with blockchain right now is that there isn’t a single service that an average person would use,” Han told the news outlet. “Our services are going to be more practical. We’re going to create a service that people can use without having to learn the language of crypto.”
To achieve this, the company plans to work with other companies already running consumer applications that are widely used for content sharing and gaming. The company plans to launch the test version in September and hopes to use the end platform by the end of the year.
According to Han, the new platform will provide similar services as Steemit, which is apopular blockchain-based blog site. Steemit operates by users to vote on post add pay Steem to the content providers.
Ground X plans to use the Japan office to raise the funds for its new project as the ban on ICOs in South Korea still holds. Ground X will operate the new platform from Tokyo as Japan provides a better crypto environment compared to South Korea, according to company executives.
Founded in 2010, Kakaois a South Korea-based internet company worth $7.6 billion company, with over 50 million users per month.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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