Chat application provider Kakao Corp, a company based out of South Korea and considered to be the largest chat operator, has indicated that it will set up a unit that will focus on blockchain technology.
Sources have indicated that the unit will be set up sometime this month, which will include a possible reverse-initial coin offering. This is where an established company will raise capital by offering cryptocurrency. However, no one from Kakao was available to comment on this.
The new unit of Kakao will be headed by Han Jesum, co-founder of local startup accelerator FuturePlay.
However, the share price of Kakao declined by 3.5 percent on Monday, which analysts indicated was because of weak South Korean shares. This is in part to a possible U.S trade war. The primary Kospi Index closed 1.1 percent lower than the previous tradition session.