Kakao, the service provider for South Korean mobile messaging app KakaoTalk, will be establishing a Blockchain subsidiary tentatively named "Kakao Blockchain" and is considering Launching an Initial Coin Offering (ICO), Huffington Post Korea reported today, March 5.

Jae-sun Han, a partner and chief development officer of tech startup startup incubator, will be the representative of the new organization . The Hackington Post Post

Since it is currently illegal to run an ICO based in South Korea, the Huffington Post Korea writes that the ICO for Kakao would be located abroad, most likely in Singapore or Hong Kong. The hypothetical "Kakao Coin" could be used as a native currency on various Kakao-provided apps, like KakaoTalk, Kakao Driver, and Kakao Games.

Cointelegraph contributor Joseph Young tweeted today, March 5, that KakaoTalk KakaoPay, their mobile payment service, have " 90% penetration in messaging and fintech markets in South Korea :"

Kakao, which operates KakaoTalk and KakaoPay that have 90% penetration in [more] Major media outlets hint Kakao launching its own cryptocurrency https://t.co/ss8DEmpFLA – Joseph Young (@ 1945) iamjosephyoung) March 5, 2018

Rumors of an all-out cryptocurrency in South Korea caused by crypto markets to drop severely in January 2018. Since then, the government has clarified that there is no planned crypto ban

Last month, popular messaging app Telegram, registered in the British Virgin Islands, reported that they had raised $ 850 mln from 81 investors in what was actually a closed ICO pre-sale. For US-based investors, the US Securities and Exchange Commission (SEC), the US Securities and Exchange Commission (SEC), said that its tokens were not registered, and only so-called accredited investors could contribute.