South Korean Internet company Kakao, the operator of the popular messaging service KakaoTalk, will open the division KakaoBlockchain, which will deal with developments in the field of blockchain technology.

In addition, in the future, “daughter” plans to release its own crypto currency and hold a primary offer of coins (ICO), reports the Huffington Post Korea.

According to the publication, the representative of the new organization will be the ja-soon Han is a partner and chief development specialist of the startup incubator of the Future Play. It is noted that a detailed business plan KakaoBlockchain will be presented March 20.

Since undertaking the ICO is currently in South Korea is illegal, KakaoBlockchain will be based outside the country — probably in Singapore or Hong Kong, writes the Huffington Post Korea. Also, according to the newspaper, after the release of a hypothetical coin Kakao Coin can be used as the native currency in a variety of applications Kakao, including KakaoTalk, KakaoTaxi and KakaoGames.

Kakao, which operates KakaoTalk and KakaoPay that have 90% penetration in messaging and fintech markets in South Korea, created a blockchain company, first reported by @CryptoKorean

Several major media outlets hint Kakao launching its own cryptocurrency

— Joseph Young (@iamjosephyoung) March 5, 2018.

According to the crypto analyst and journalist Joseph Yang, applications KakaoTalk and KakaoPay “have a 90% penetration in the markets of communications and financial technology in South Korea”.

We will remind, earlier it became known that the company Kakao in partnership with the popular American crypto currency exchange Bittrex will open new trading platform UPbit.