Crypto Wallets

Kakao’s cryptocurrency wallet to connect over 40 million South Koreans to crypto

The leading messaging application in South Korea, Kakao, has been reportedly mulling over interfacing their over 40 million users with crypto through an in-built cryptocurrency wallet. This has been reported by finnews, a reputable media outlet in the country.

As per the media outlet, the need to integrate a cryptocurrency wallet into the messaging app comes after Samsung indicated that its next flagship mobile phone will include an inbuilt crypto wallet.

Following Samsung’s move, finnews noted:

The integration of a crypto wallet by Kakao, used by the majority of messaging app users in the nation, is expected to expand blockchain services and usage.

The idea of integrating a cryptocurrency wallet into the company’s messaging app seems not to be inspired by Samsung’s move. This is because Kakao had already attracted funding estimated at 90 million U.S dollars which it indicated was meant to develop Klatyn, a blockchain network.

The implementation of the cryptocurrency wallet on the messaging app will allow its users to send, store, receive and interact with a host of decentralized applications.

However, Kakao will not force the wallet on its users. Instead, it will advise those wishing to have the cryptocurrency wallet, to update the app software so that it includes a cryptocurrency wallet.

Heslin Kim, CEO, BlockchainROK, told CCN that:

Kakao is representative of South Korea, a country with over 55 million people…It’s an app so deeply attached to what it means to be Korean. The fact that one of the most widely adopted apps, with over 95% market share, is publicly promoting and spearheading blockchain/crypto is tremendous for mainstream adoption.

With Kakao publicly promoting crypto and Samsung, which is also South Korean, indicating that it will offer a crypto wallet on its S10 mobile phone, do you think South Korea will be leading the blockchain/cryptocurrency race?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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