44m User KakaoTalk Chat App Says it ‘Might’ Add a Crypto Wallet

Tim Alper
Last updated: | 1 min read

South Korean internet giant Kakao Group says it is “deliberating” whether or not to integrate a cryptocurrency wallet with its KakaoTalk chat app after several outlets in the country claimed a Kakao crypto wallet was forthcoming. The move comes soon after Samsung’s decision to feature a crypto wallet function on its new flagship smartphones.

A screenshot of the KakaoTalk chat app.

Media outlet Fn News claimed to have exclusive evidence that KakaoTalk’s 44 million users would soon be able to “opt-in” and activate a crypto wallet, while Econovil said the move was “likely.”

The company has since spoken with Asia Kyungjae, which quotes a Kakao official as stating, “It’s true that we are [internally] discussing whether we will add cryptocurrency wallet functions to KakaoTalk, but nothing is confirmed yet.”

The veracity of the reports will probably be discovered later today, at a media event held in the outskirts of Seoul, where Kakao’s blockchain subsidy, Ground X, will unveil its Klaytn blockchain platform. Klaytn is slated to roll out in late June this year – and media outlets are speculating that this is also when an update to KakaoTalk could come, along with the “opt-in” crypto wallet feature.

Seoul-based blockchain business consultant Lee Jeong-cheol told Cryptonews.com, “Big South Koreans IT and internet companies recognize that there is interest in blockchain and cryptocurrency – both here and abroad. Expect more large-scale developments in the first half of this year.”

Kakao is an investor in Dunamu, the operator of the Upbit cryptocurrency exchange, and is known to be a keen proponent of all things blockchain technology-related. Previous reports in the South Korean media have claimed Kakao has considered integrating cryptocurrencies with its electronic payment system, KakaoPay. More recent media talk, meanwhile, speculate that Samsung is also mulling a similar move with its Samsung Pay platform.

Per eDaily, Upbit’s operator today launched its own blockchain platform, Luniverse, which was developed by Lambda256.