Kakao announced its plan to launch a Global Block Chain platform this year and actively engage in content related mergers and acquisitions (M&A) in order to progress into overseas markets.
On the 27th, the two new co-CEOs of Kakao, Yeo Min-Su and Cho Soo-yong, revealed their management vision entitled ‘Kakao 3.0’ at their first press conference after their appointments as new co-CEOs at the Westin Chosun Hotel in Jung-gu, Seoul.
Kakao 3.0 is a new vision connecting Kakao 1.0 with its launch of the KakaoTalk, and Kakao 2.0, which extends beyond the messenger field.
The major framework of the concrete business plan that opens up the era of Kakao 3.0 is its block chain technology as well as its content Intellectual Property (IP) such as music, webtoons, and games. In particular, with regards to the block chain business, the two co-representatives said that they are focusing on technology development and investment aiming to launch their own platform this year.
Kakao's decision to establish the subsidiary ‘Ground X,’ which specializes in block chain, in Japan on the 16th is to launch new services based on block chain. Kakao also has a network with domestic and international ICT companies, with plans to create an Asia representative block-chain platform for everyone to participate in.
The platform will form a network with global IT companies in the long run, the two co-presidents explained. Kakao, with its non-proprietary structure, aims to construct a block chain ecosystem through a platform that is capable of providing a variety of services to anyone around the world.
However, Kakao made it clear that it will draw the line in regards to connection with the virtual currency business as well as the new Initial Coin Offering (ICO).
“There is no specific reason to raise money through ICO,” said Co-president Cho Soo-yong. “Block chain is not a platform for coin trading or distribution, and it is not our goal to match market trends.”
Regarding the transactions that were disguised as Kakao coins in the market, Co-president Yeo Min-soo revealed, “There were many cases where people promised to get you coins if the money was remitted. The company promised to firmly and actively deal with such cases.”
Co-president Yeo added, “Even if we aim for token economy, we have to choose our own platform and create services on such platform.” For this purpose, Kakao is planning to combine block chaining with Kakao services such as reverse ICO, Melon, and DaumWebtoon, so that large amounts of data can be processed quickly.
Meanwhile, a ‘Drawer’ project will be released this year, which will manage shared information such as IDs, passwords, photos, and videos with KakaoTalk and record the lives of individual users.
