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Asia Business, an influential media outfit in South Korea, reported that Kakao, one of the two largest Internet companies that operate KakaoTalk, KakaoPay, KakaoStory, KakaoTaxi and a subsidiary which manages a major UpBit cryptocurrency exchange market, will integrate cryptocurrency in 2018.
Importance of Kakao
An exclusive cover issued by Asia Business revealed that KakaoPay, Kakao's fintech application, which has logged 3 million users during its first month, will incorporate cryptocurrencies into its application local to allow users to send and receive cryptocurrences. Kakao is also planning to launch its own cryptocurrency, similar to the Binance Coin model of Binance, this year.
Once KakaoPay integrates cryptocurrencies like Bitcoin and Ethereum, all other Kakao applications become compatible with cryptocurrency payments. If Kakao continues its cryptocurrence integration plan in KakaoPay by the end of 2018, millions of KakaoTaxi, KakaoTalk and other Kakao applications will soon be able to use cryptocurrencies.
Last year, Dunamoo, a subsidiary of Kakao, launched UpBit, the first cryptocurrency exchange in South Korea. In a few months, UpBit has become one of the top five cryptocurrency exchanges on the market. The launch of UpBit by Dunamoo is considered by analysts as the first step by Kakao to penetrate the cryptocurrency market.
The massive success of UpBit and the growing demand for cryptocurrency from local investors have probably led Kakao to focus on the market, other companies like Bithumb having already entered into major partnerships with the country's largest e-commerce platforms. retailers from WeMakePrice and Yeogi Eottae to integrate cryptocurrencies into their existing payment infrastructures.
Kakao's market penetration in South Korea exceeds 90%, in all three areas: courier, taxi and fintech. KakaoPay is the most dominant fintech application on the local market, and it is used by many millennials as an alternative to the South Korean banking system, KakaoPay offering loans and providing virtual bank accounts, with the exception small and large transactions. ]
The integration of cryptocurrency by Kakao will immediately expose Bitcoin, Ethereum and other cryptocurrencies to tens of millions of people who daily use Kakao. Kakao's dominance of the South Korean market has reached a point where devices such as smartphones are equipped with Kakao applications.
As reported by CCN, Yeogi Eottae, South Korea's largest hotel reservation platform, has already entered into a partnership with Bithumb, the largest crypto exchange. -currency of the country, to integrate cryptocurrencies.
Bithumb began providing cryptocurrency kiosks to many restaurants, cafes and food franchises in South Korea, to increase the adoption of cryptocurrency and provide South Koreans with best way to spend daily. without technical problems.
With major Japanese retailers such as Bic Camera, the airline Peach, the Capsule hotel chain and the Bitpoint power grid operator incorporating cryptocurrencies, the decision of South Korean large companies of adopting cryptocurrence is likely to lead to strong growth in Asia. cryptocurrency market in the medium term.
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