Kakao Corp, operator of South Korea’s largest platform messaging KakaoTalk, decided to create a subsidiary focused on blockchain technology, as well as hold ICO.

According to the Huffington Post Korea, a new company, which will most likely be called Kakao Blockchain, will develop blockchain-based solutions. Kakao Corp plans to present the roadmap of the project at a press conference, which will take place on March 20.

In addition, according to the Korean publication MT, Kakao also plans the launch of its cryptocurrency and Kakao Coin through the primary offer of coins (ICO). Since undertaking the ICO in South Korea was banned in September last year, it is likely that Kakao will collect funds abroad.

Platform KakaoTalk regularly use about 93% of the population of South Korea. In addition to a messaging platform, Kakao Corp also owns such services and apps like Kakao Driver KakaoPay and Kakao Games.

In the case of the successful launch of its cryptocurrency, Kakao users will be able to pay for purchases and services using Kakao Coin that will be more favorable to them than paying Fiat money.

Recall that despite the negative attitude to the ICO, the South Korean government banned cryptocurrency trading. Moreover, the Upbit exchange, Kakao Corp launched last fall, offers more than 100 tokens and is very popular.