Kakao Piccoma – a Japanese subsidiary of South Korea’s mobile app operator Kakao Corporation – reportedly acquired a controlling stake in the crypto platform Sakura Exchange Bitcoin. Through this move, Kakao intends to utilize blockchain technology and Web3 in its future operations.
According to a recent report by Business Korea, Kakao Piccoma purchased more than 50% stake in Sakura Exchange Bitcoin, becoming its largest shareholder. Nevertheless, the exact size of the deal was not disclosed.
The deal should help Kakao Piccoma apply cryptocurrency and blockchain services to its webtoon platform. The company also aims to engage further with the Web3 sector.
It is worth noting that Kakao Piccoma runs Piccoma – Japan’s largest webtoon service provider. The software is available on smartphones, personal computers, and tablets.
An official whose identity was not revealed said that the latest deal is a “new business move by Kakao Piccoma to challenge areas other than webtoons.”
The company hopped on the crypto bandwagon in 2018 when it launched its blockchain unit Ground X. In 2019, it introduced Klaytn – a digital asset development platform.
In March this year, Kakao’s Founder and Chairman – Brian Kim – stepped down from the organization’s board of directors following a series of scandals that shook the company’s stability.
A day after his departure, Kim said he will work on the “Beyond Korea” global expansion, while Namkoong Whon (NK) will lead Kakao’s efforts in going “Beyond Mobile.”