SEOUL (Reuters) – Kakao Corp, South Korea’s largest messaging app operator, said on Monday it is planning to establish a unit focusing on blockchain technology.
Plans for the unit, set to be established this month, include a potential so-called reverse initial coin offering where an established firm raises capital through offering cryptocurrency, The Bell, a domestic online news site reported on Monday.
Kakao declined to comment on the report.
Kakao said Han Jaesun, co-founder of local startup accelerator FuturePlay Inc, is expected to lead the new unit.
Shares in Kakao fell 3.5% on Monday, a slide that analysts said was part of overall weakness in South Korean shares amid worries about a US trade war. The main Kospi index closed down 1.1%.
(Reporting by Joyce Lee; Editing by Edwina Gibbs)