South Korean Internet company Kakao confirmed the opening of a subsidiary related to the blockchain industry. However, rumors about the upcoming ICO and its representatives have strongly denied.
At a press conference held last Thursday, the owner of the country’s largest KakaoTalk announced the creation of a division of the company for developing blockchain platform. This should help the company become more competitive. It is expected that the whole process should take about a year. As reported by Yonhap, the site will be used as an open resource for application developers.
The project, tentatively titled Ground X will also work on further integration of its blockchain services with existing Internet services provided by Kakao. This is confirmed by co-CEO Joe su-Yeon and Yeo Min-soo.
“Now Kakao 3.0 will continue to probe our potential growth through seamless integration of services Kakao and increase presence in the global market,” said Jo during a press conference.
These statements confirm the earlier news that Kakao had created a blockchain.
However, reports of plans to launch the ICO were only rumors. In the same material on their own blockchain Kakao was reported that the Corporation develops and token Kakao Coin, for introduction outside of South Korea. As reported by ZDNet, Joe denied the existence of any plans for the initial sale of tokens Kakao in South Korea and abroad (the latter would help to circumvent the law prohibiting ICO).
Recall that last year a subsidiary of the company Kakao Dunamoo opened UpBit — the country’s first stock exchange, working exclusively with cryptocurrency.