Kakao Piccoma has invested in a guiding stake in Sakura Exchange Bitcoin (SEBC). THE 50% purchase of the exchange makes Kakao Piccoma its major shareholder. This deal will help Piccoma offer services in cryptocurrency over its webtoon platform, plus also move strongly into Web3.
Kakao Piccoma is a subsidiary of Kakao, the Korean internet company, and is a Japanese subscription service for digital comics. With this purchase, Kakao Piccoma becomes the largest shareholder in SEBC.
Kakao Piccoma To Help Parent Company Move Into Areas Other Then Webtoons
The founder of Kakao, Kim Beom Soo resigned last month from its board. He intends to focus solely on the affiliate brands of the company and Kakao Piccoma is the largest subsidiary in his focus. The SEBC acquisition is the initial merger move by Kakao since the founder resigned from the parent company.
Kakao had earlier shown an intention to move into the cryptocurrency market before it made the move. It launched a couple of blockchain companies last August in Singapore. They are Klaytn Foundation, which is a non-profit, and Krust, which helps a global acceleration of the adoption of blockchain technology.
Other Kakao’s blockchain interests include Ground X, a blockchain subsidiary that managed a subsidiary from the Bank of Korea last July. It relates to the development of a CBDC, a central bank digital currency. Ground X thus became the chief supplier of technology in digital won simulations that are blockchain-based.
Kakao was also among the earliest investors in Upbit exchange. This exchange was among the first cryptocurrency platforms to file for permission from the financial regulators of South Korea.
An official associated with the Kakao group said that the latest Kakao Piccoma deal will help the company move aggressively into areas other than webtoons. The webtoon service run by Piccoma runs the software that is available on personal computers, smartphones, and tablets.