Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users

According to the latest cryptocurrency news coming into our website from South Korea, Kakao is integrating a crypto wallet for 44 million local users.

Kakao is one of the largest internet companies in South Korea that operates with multiple platforms such as KakaoPay, KakaoTaxi, KakaoStory and KakaoStock and other platforms that have a huge dominance in their markets.

Today, the news reports show that the integration of the wallet by Samsung in their Samsung Blockchain Wallet, Kakao will integrate a crypto wallet in the messaging app so all users will be free to use their digital assets every day. The reports show:

“Following the integration of Blockchain Keystore on Samsung, the integration of a crypto wallet by Kakao, which is used by the majority of messaging app users in the nation, is expected to expand blockchain services and usage.”

Kakao is estimated to have raised about $90 million for its blockchain network Klatyn development and the integration of the crypto wallet is another way to expand and introduce the network to the public. The executives from the industry said that Kakao Talk will be ‘’used as a crypto wallet’’ and will enable users to run multiple blockchain applications but to also send, receive and store cryptocurrencies. One of the executives said:

 “Kakao needs a cryptocurrency wallet for users of Klaytn and the best way to roll out the service is to integrate a crypto wallet into KakaoTalk, which over 80 percent of the population of South Korea use to communicate.’’

Issuing a public promotion by Kakao is really important for further mainstream adoption. With Samsung and Kakao issuing their own wallets, Korea is among the top countries that will easily make a DLT disruption.

If Kakao moves ahead with its plans to integrate the crypto wallet in a messaging app that nearly 10 million users use it in South Korea alone, the most used device in Samsung Galaxy S10 and the messaging app will have native support for crypto. There still hasn’t been an official confirmation from any representative at KakaoTalk.

Currently, the sentiment for launching a crypto wallet by Kakao is positive and local investors show optimism for initiatives of this kind that will hopefully lead the country to be the leader of blockchain and crypto development.