Kakao aims to build blockchain platform to lead Asian market

Kakao plans a blockchain business similar to Ethereum for Asia by the end of the year. South Korean messaging giant announced it would introduce its own blockchain platform where services can be built and hope Asian developers are interested in building new products and services based on the platform's network.

"We do not think for ICO at this time. We will be focusing resources to develop meaningful blockchain platforms that can be used and shared by many partners in Asia within a year," said co-CEO Joh Su-yong in Seoul.

Tinuku Kakao aims to build blockchain platform to lead Asian market

The company was established in 2014 and currently dominates Korea's mobile technology space with KakaoTalk's mobile chat app and other services including content distribution, transportation and banking. But the company has so far failed to build a global presence and is largely restricted to the Korean market.

Joh said Kakao works to build its own blockchain platform to host large amounts of data and will lead the blockchain technology ecosystem in Asia. Kakao has established a new subsidiary called Ground X dedicated to blockchain business in Japan this month.

The company sees the opportunity to become global with a content distribution business where the Kakao-operated platform helps music, movies, webcomics, web fiction, and native Korean mobile games to reach global markets. The company hopes to build in overseas markets and compete globally.

"We believe the key to being global lies in intellectual property. Korean original music and film culture is an important ingredient for finding cross-border success," said Joh.