For the innovative purpose of developing a blockchain payment method, an Irish startup called Festy has joined hands with a top South Korean app called Kakao Talk, as reported by Fora, Ireland’s leading business news platform.
The partnership aims to develop an analytics application and a payment platform with the help of Kakao’s Klaytn, a public blockchain developed by Kakao’s subsidiary Ground X. The symbiotic partnership between Kakao and Festy will help the former develop a privacy oriented fully auditable payment platform and the latter will get an opportunity to strengthen their analytic platform by using Kakao’s 44 million strong user base which will be rewarded for contributing to the accumulation of big data.
Also to improve the Klaytn public blockchain platform, $90 million worth of funds were raised by Kakao in their last ICO. The company is all set to host another ICO soon.
The Blockchain Inclusion
Big organizations which are expanding in the tech industry in South Korea are working towards adopting blockchain to become a part of the FinTech revolution. Leading the way is Kakao which has a hold in the Korean market as it gives multiple services like KakaoStory, KakaoStock, KakaoTaxi, KakaoPay, and many others.
Kakao Talk majorly dominates South Korea’s messaging industry. Kakao Talk, in fact, has its hold over 90% of the Korean market. Therefore, adding crypto payments and transactions to this field will take the company to its peak. Moreover, tech conglomerates all over the globe are slowly entering into the crypto market in order to enhance their payment platforms. For instance, Facebook recently announced to use its stablecoin for payment through WhatsApp and if successful it will use the same payment gateway for its other apps like Messenger and Instagram.
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