Crypto Wallet to Be Launched by Korea’s Flagship App KakaoTalk, Samsung Pay Intends to Do Likewise

Korean news outlet Fnnews reports that a major IT platform in Korea, Kakao, intends to provide its 44 mln users with a crypto wallet.

Kakao follows suit after Samsung

Kakao is the company that runs such locally popular apps as KakaoTalk, KakaoTaxi, and KakaoStory, along with many more platforms which dominate the local markets.

As the new week begins, Fnnews reports that upon the integration of a crypto wallet by Samsung, Kakao intends to do the same for its messaging app KakaoTalk to enable its users conduct regular crypto transactions.

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Future Kakao blockchain network

Local media also reports that Kakao plans to create its own DLT ecosystem and has attracted $90 mln in investments for that. The DLT network will be called Klatyn, and it will be integrated into KakaoTalk.

The app is planned to enable customers not only to conduct crypto transactions but also run dApps.

One of Kakao’s executives who prefers to stay anonymous believes that Klatyn will be an excellent start for the great audience of Kakao users in Korea – more than 80 percent of its population utilizes it as a communication tool.

Since the population of Korea exceeds 55 mln people and the number of people on Kakao is over 44 mln, then combined with the launch of the crypto wallet by Samsung, Korea may be expected to conduct a major breakthrough in the industry of crypto and blockchain.

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Overall changes in Korea’s massive crypto adoption

Even though Kakao reps have not given an official green light to the creation of the crypto wallet and its addition to the messaging app, in an interview with Fnnews they have shared that the company is eager to do that.

After the reports about Samsung bringing a crypto key storage app to its users, local investor sentiment about this market has been quite positive.

Besides, earlier in March, Korea’s media reported that Samsung Pay also plans to embrace crypto payments upon the integration of a crypto wallet by Samsung.