South Korean chat giant Kakao will form a blockchain subsidiary, the company has said.
Han Jaesun, co-founder and CTO of local startup accelerator FuturePlay, will lead the yet-to-be-named firm as CEO, the chat giant said.
Kakao currently offers a blockchain-based authentication service for its mobile payment solution Kakao Pay.
It also owns around 20 percent share of Doonamu, which runs cryptocurrency exchange Upbit.
There is speculation that Kakao will commence an ICO abroad to get cash, although Kakao didn't confirm this.
South Korea banned digital coin offerings locally last year. Cryptocurrency was since a hot-button issue earlier this year following the sensational rise of bitcoin prices.
The government ruled out banning trading but has since then implemented regulations such as blocking anonymous trading. It has also said it will regulate the market and continue to support fostering blockchain technology.
PREVIOUS AND RELATED COVERAGE
The artificial intelligence system had no qualms about exploiting ancient bugs to win.
Siri cracked under pressure and Google doesn't have the right stuff, but CIMON should be mission ready by June.
The new joint venture will focus on self-driving technology development.
South Korean chat giant Kakao has launched its AI speaker, Kakao Mini, after months of teases.
IBM Watson CTO: The 3 ethical principles AI needs to embrace (TechRepublic)
TechRepublic spoke to IBM's Rob High about the ethical, privacy, and security obstacles that artificial intelligence has to overcome.