South Korean messaging app Kakao introduces crypto wallet

A major IT platform in South Korea will soon provide its millions of users with a crypto wallet.

Local news outlet Fnnews reports Kakao will integrate a wallet to allow users to conduct crypto transactions, similar to Samsung.

Kakao runs a number of services but is most well-known for KakaoTalk, a free mobile instant messaging application for smartphones.

As of Q3 2018, the app has more than 50 million active monthly users.

Fnnews said Kakao plans to create its own distributed ledger ecosystem called Klatyn, which will be integrated into KakaoTalk.

Notably, Kakao has a taxi-hailing service called KakaoT – which could mean South Koreans will soon be using crypto to pay for cab rides.

An anonymous Kakao executive told the media outlet that Klatyn will be an excellent entry point into crypto for South Koreans as it is used by more than 80% of the population.

South Koreans have so far enthusiastically adopted cryptocurrency. A recent study found three out of every 10 workers in South Korea had invested in crypto.

In February, Coin Rivet reported the South Korean government will invest more than $1 billion in blockchain and financial technology over the next three years.

The Seoul Metropolitan Government unveiled the ‘Seoul Innovation Growth Fund’ for start-ups.

The government body said average investment in London blockchain start-ups is $7 million while in Silicon Valley it is $6.5 million. In South Korea, it is only $1.1 million.

Jo In-dong, the head of the economic policy department at the Seoul Metropolitan Government, said: “Innovative start-up investments will be the cornerstone of corporate growth that creates innovation in our society.

“We will expand our investment to create a virtuous structure that will stimulate the start-up investment market and create a start-up ecosystem.”