S.Korean chat app firm Kakao plans blockchain unit
Amazon has French grocery market in its sights, French boss tells paper
March 4, 2018China plans to bring home tech giants with domestic share issue option
March 5, 2018SEOUL (Reuters) – Kakao Corp, South Korea’s largest messaging app operator, said on Monday it is planning to establish a unit focusing on blockchain technology.
Plans for the unit, set to be established this month, include a potential so-called reverse initial coin offering where an established firm raises capital through offering cryptocurrency, The Bell, a domestic online news site reported on Monday.
Kakao declined to comment on the report.
Kakao said Han Jaesun, co-founder of local startup accelerator FuturePlay Inc, is expected to lead the new unit.
Shares in Kakao fell 3.5 percent on Monday, a slide that analysts said was part of overall weakness in South Korean shares amid worries about a U.S. trade war. The main Kospi index closed down 1.1 percent.
Reporting by Joyce Lee; Editing by Edwina Gibbs