​Kakao to unveil blockchain platform within the year

South Korean chat giant Kakao's blockchain subsidiary, dubbed Ground X, will unveil its own platform within the year.
Written by Cho Mu-Hyun, Contributing Writer

Kakao will unveil its own open blockchain platform within the year but will not create its own virtual currency, the South Korean chat giant's co-CEO has said.

The company formed a blockchain subsidiary based in Japan called Ground X this month.

The goal is to make an open platform that others can participate in that will be the biggest in Asia, Kakao said in a press conference in Seoul.

Co-CEO Joh Su-yong also denied previous reports of an ICO, locally or abroad, and said the firm had no plan to print a so-called "Kakao coin".

Joh said a blockchain platform that is combined with multiple services will be greatly influential, but at this stage the company is making a foundation for such developments in the future.

"An open ecosystem is important to us. We are beginning dialogues with partners that want to create a blockchain token economy in Asia," the co-CEO said.

South Korea banned digital currency offerings last year.

Kakao also said it was planning a "drawer" service for digital assets collected by its chat app Kakao Talk.

The company will also integrate more IoT devices to its AI speaker, Kakao Mini, launched last November, going forward.

It launched a closed beta test for its AI platform, Kakao I, earlier this month.


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