kakao

Korean fintech company Kakao Pay and internet bank KakaoBank have signed a memorandum of understanding (MoU) with cryptocurrency infrastructure provider Fireblocks to jointly explore digital asset opportunities, including stablecoins. According to the agreement, both parties will conduct proof-of-concept testing for digital asset infrastructure that meets South Korean regulatory, security, and service requirements, aiming to build a secure on-chain infrastructure for the country's emerging digital asset market. The announcement did not disclose specific timelines for launch, investment, or implementation.Kakao Pay primarily focuses on mobile payments and financial services, while KakaoBank is one of the largest internet banks in South Korea, both belonging to the Kakao ecosystem. Fireblocks stated that it provides digital asset infrastructure for over 2,500 institutions, including more than 100 banks. This collaboration follows another partnership between Kakao Group and stablecoin issuer Circle, where the two signed an MoU in July this year to explore blockchain-based payment infrastructure and digital asset technology, and to study opportunities surrounding the Korean won stablecoin and related services.As South Korea gradually improves its digital asset regulatory framework, Kakao Pay and KakaoBank are among many Korean financial and tech companies exploring stablecoin opportunities. In May this year, KB Financial Group completed a pilot for a Korean won stablecoin covering issuance, offline merchant payments, and cross-border remittances; in July, fintech company Toss collaborated with Optimism and Sunnyside Labs to conduct a proof of concept for Korean won-based stablecoin payment infrastructure.

According to Decrypt, South Korean IT giant Kakao's digital bank KakaoBank is accelerating the development of a technical system that supports KRW stablecoins and tokenized assets, covering smart contract execution, token standards, full nodes, and issuance management backend; its blockchain partner Kaia has submitted at least four trademarks for Korean won-pegged stablecoins in August.Sam Seo, chairman of the Kaia Foundation, stated that they are in discussions with multiple parties regarding the KRW stablecoin POC, but details are not disclosed due to confidentiality.

According to The Block, Kakao Bank, the digital banking division of South Korean IT giant Kakao, has advanced its plan for a Korean won-pegged stablecoin to the actual development stage. Its website shows that it is recruiting backend developers for blockchain services, with key requirements including: a deep understanding of smart contracts, familiarity with token standards, and experience in transaction management and full node operation.

According to CCN, major financial holding companies in South Korea are actively collaborating with tech giants such as Samsung Electronics, Naver, and Kakao to seize the country's upcoming stablecoin market.As the Financial Services Commission of South Korea plans to submit a comprehensive stablecoin bill to the National Assembly by the end of 2025, financial groups like KB, Shinhan, Hana, and Woori are accelerating their preparations, hoping to launch the first KRW-pegged stablecoins before the regulatory framework is officially established. Once the bill is passed, it will officially legalize KRW-backed stablecoins and allow banks to issue them either independently or in partnership with private entities.Since building blockchain and payment infrastructure from scratch could take years, banks are choosing to ally with tech giants that already have robust platform ecosystems. KB Kookmin Bank has applied for over 17 trademarks for its "KB KRW" stablecoin and established a dedicated department, while Shinhan Financial Group is trialing KRW-backed tokens on its delivery app. Hana Financial Group has formed a digital asset task force, and Woori Financial Group is collaborating with Samsung Electronics on Samsung Wallet.Despite currently being in a regulatory gray area, domestic stablecoin trading volume in South Korea has surpassed 60 trillion KRW (approximately 41 billion USD) this year, and major financial institutions are eager to establish market credibility early on. By ensuring regulatory compliance through banks and providing convenience and scalability through tech companies, South Korea may create a unique digital currency system.

ChainCatcher news, according to The Block, South Korea's digital banking giant KakaoBank revealed at its earnings report conference that it is actively preparing to enter the stablecoin market, planning to participate in digital asset issuance or custody services, and working closely with the Kakao Group's stablecoin task force.The bank emphasizes its technological and risk control advantages, leveraging its experience in providing real-name accounts and KYC/AML monitoring for cryptocurrency exchanges. This move responds to South Korean President Yoon Suk-yeol's policy to promote the Korean won stablecoin market, aiming to prevent capital outflow. Kakao's subsidiary KakaoPay has already submitted a trademark application for stablecoins, while KakaoBank's operating profit in the first half of the year reached $254 million, with its user base covering nearly half of South Korea's population.

ChainCatcher news, South Korean internet giant Kakao has established a stablecoin task force. Kakao CEO Shina Chung, Kakao Pay CEO Shin Won-keun, and Kakao Bank CEO YoonHo-young will meet weekly to discuss various situations and tasks related to the project.Other subsidiaries, including Kakao Games, are expected to join in the future. Additionally, it has formed a task force involving grassroots employees from its subsidiaries to actively advance the proposed agenda.

According to ChainCatcher news, Fnnews reported that Samsung Securities has listed Kakao Pay and NHN KCP as the preferred targets in the Korean won stablecoin sector, raising their target prices by 23.4% and 24.8%, respectively.Samsung Securities pointed out that if South Korea allows non-bank fintech companies to issue stablecoins in the future, large platforms like Kakao Pay will have a significant first-mover advantage and are optimistic about their potential to generate revenue through stablecoin circulation.

ChainCatcher news, according to The Block, the stock price of South Korean payment giant KakaoPay has surged over 200% in the past month, mainly benefiting from the rising expectations of its entry into the stablecoin sector. According to Google Finance data, the company's stock price has risen from 30,800 KRW (approximately $22.25) on May 23 to the current 94,700 KRW (approximately $68.6), and it increased by 17.3% in early trading on Monday.Reports indicate that KakaoPay has submitted six patent applications related to stablecoins, including PKRW, KKRW, KRWP, covering services such as crypto transfers, brokerage, electronic payments, and token issuance. Previously, newly elected South Korean President Lee Jae-myung promised to promote the issuance of a won stablecoin in collaboration with the private sector, further boosting market expectations.According to South Korean media ZDNET Korea, KakaoPay stated that the patent applications aim to prepare for potential regulatory changes and will continue to monitor policy developments.

ChainCatcher news, according to the Seoul Economic Daily, South Korean payment giant Kakao Pay has officially launched its won stablecoin business. The company applied for 18 trademark rights to the Korean Patent Office on June 17, which combine the "KRW" (won symbol) with letters representing Kakao Pay, such as "K" and "P", including trademarks like "KRWKP", "KWRP", and "KPKRW". These trademarks are classified in areas such as virtual asset financial transactions, electronic transfers, and intermediary services.Kakao Pay stated that although "specific plans have not yet been determined," this is "a preliminary registration of trademark rights for the stablecoin business." Industry insiders believe that Kakao Pay's move is aimed at seizing market opportunities, especially in the context of the South Korean political arena proposing the "Basic Law on Digital Assets," which would allow private enterprises to issue won stablecoins.

ChainCatcher news, according to IT Chosun, an executive from a subsidiary of South Korean internet giant Kakao is suing Kakao's blockchain division GroundX, claiming approximately 10 billion won (7.6 million USD).This legal action stems from a cryptocurrency hacking incident involving the integrated crypto wallet Klip in the Kakao Talk messaging app. The hacking incident occurred in March 2022, when the executive's Kakao Talk account was compromised. After the account was breached, the stolen cryptocurrency was transferred to overseas exchanges. During the lawsuit, a spokesperson for Kakao stated that the company is currently optimizing the integration of GroundX and lacks sufficient personnel to handle the situation.

ChainCatcher news, the digital art company 3space Art announced the signing of a Memorandum of Understanding (MOU) to acquire the Klip Drops business from Kakao's blockchain company Ground X. Through this acquisition, 3space Art will leverage Klip Drops' technology and infrastructure to promote the development of the digital art industry. This move will also strengthen support for Korean artists and stimulate activity in the digital art market.Klip Drops is a digital art sales and distribution platform established by Ground X in 2018, serving as a curated gallery that introduces artists from various fields such as painting, sculpture, and media art.

ChainCatcher news, communication app giants Kakao and LINE have launched their Layer 1 blockchain Kaia, announcing that its mainnet is now live. According to their announcement, Kaia's processing speed is approximately one second, and the gas fees are "extremely low."

ChainCatcher message, Slow Mist founder Yu Xian posted on the X platform stating that the Monoswap hacking incident involves the use of a forged Kakao video conferencing Trojan software kakaocall[.]kr. If you have downloaded this software, it is recommended to immediately secure your assets and perform a virus scan and reset.

ChainCatcher news, according to Decrypt, the gaming blockchain network Oasys has announced a partnership with Metabora SG, the Web3 gaming division of the South Korean video game company Kakao Games. This collaboration aims to create and provide outstanding blockchain games to more users. It is reported that this partnership is part of Oasys's 2024 "Dragon Update" plan, which focuses on expanding interoperability, developing the ecosystem, and creating high-quality game content.Kakao Games is known for publishing games such as "Black Desert Line" and "PUBG" (Korea).

ChainCatcher news, according to a recent official announcement, Kakao Pay will terminate its cryptocurrency asset services on February 16 at 14:00. It is reported that since December 2022, Kakao Pay has partnered with four Korean companies to provide cryptocurrency asset services.

ChainCatcher news, South Korean prosecutors have begun a comprehensive investigation into former Kakao chairman Kim Beom-soo (phonetic) and Kakao executives for allegations of embezzlement of virtual currency and breach of trust.The prosecution has transferred the case to the Southern District Prosecutors' Office's Joint Investigation Team for Virtual Asset Crimes and conducted the first plaintiff investigation on the 11th. On that day, prosecutors inquired in detail about the main allegations of the plaintiff, the legal background, and the amount of damages. It is reported that the prosecution also requested the plaintiff to submit additional data regarding the cryptocurrency Klay transaction details of Kakao affiliate executives.On the 13th of last month, former Kakao chairman Kim Beom-soo and executives of Kakao affiliates were indicted for embezzlement and breach of trust. The reason is that Kakao created the virtual currency "Klay" through its subsidiary, raising funds by selling it to investors and embezzling the proceeds. If fraudulent transactions as defined by the Capital Markets Act are confirmed in the allegations, investors who invested during this period can seek compensation for losses caused by the criminal acts.

ChainCatcher news, Singapore's metaverse avatar platform GoodGang Labs has completed a $2 million seed funding round, with Kakao Investment participating. The new funds will be used to build the 3D environment kiki town.GoodGang Labs is a company dedicated to providing solutions for metaverse avatars, and it will launch GangHouse for Web3, allowing users to communicate in real-time using their own NFTs as a medium. (source link)

ChainCatcher news, South Korean internet giant Kakao's blockchain platform Klaytn has announced a transition to a permissionless validator structure. The Klaytn Foundation stated that over time, anyone who meets the finalized minimum qualifications will be able to participate as a block validator alongside existing governance committee node operators in the Klaytn ecosystem. (Source link)

ChainCatcher news, according to official information, the interoperability protocol LayerZero and the blockchain game DeFi Kingdoms announced their joint launch on the mainnet of Klaytn, a public chain under South Korean internet giant Kakao.Previously, DeFi Kingdoms stated in August that it would completely detach from Harmony and launch its game segment named Serendale on the Klaytn blockchain, which focuses on the metaverse. (source link)