Japanese Subsidiary of Kakao acquired Sakura Exchange Bitcoin

Traditional companies no matter related to digital space or not, recognize potential and seek ways to join the blockchain revolution

Kakao Piccoma recently acquired more than a half portion of Sakura Exchange Bitcoin, a prominent cryptocurrency exchange in Japan. Former is the dominant digital platform in the country, which is a subsidiary of multi-billion dollar South Korean Internet Company, Kakao. Japanese Subsidiary Kakao Piccamo itself is the largest webtoon service provider in the country.

The webtoon company has plans to enter the blockchain and digital space, and the acquisition of stakes in Sakura Exchange Bitcoin would be initial steps towards the same. Kakao has taken several other companies under acquisition across industries, but it is the first time for the South Korean company to have a cryptocurrency exchange.

The Japanese cryptocurrency exchange company based in Osaka, Sakura Exchange Bitcoin, was established in May 2017. The acquisition would help the company to start its business and expand it in Web 3 by utilizing the infrastructure of blockchain and cryptocurrency technologies. However, the amount of acquisition is not disclosed yet.

As mentioned earlier, Kakua Piccomo is the largest webtoon service provider, which runs the subscription based webtoon service Piccoma, which is available for smartphones, tablets, and personal computers in Japan. With the acquisition of blockchain using a cryptocurrency exchange, the company expects to apply the crypto and blockchain services on its webtoon platform.

ALSO READ – New rules to stop illicit flows in the EU via Cryptoassets

South Korean Internet company Kakao was established in 2010 after the merger between two companies, the original Kakao Inc. and Daum Communications. Later the company rebranded itself as Daum Kakao in 2014, which was renamed simply Kakao in 2015 which continued since then.

The company, run by the Kakao family, has processed several mergers and acquisitions in the past that helped the company to explore different spaces and rise more. For instance, Kakao acquired American Social media company Path in May 2015, which later became a major hit in Indonesia. Later in January 2016, the company acquired a huge 76% stake in a major South Korean entertainment company, LEON Entertainment, for $1.5, which it later rebranded as Kakao M. Later, the company gained huge popularity all over after the release of its free instant messaging app for smartphones, KakaoTalk, which provides features like free text and free calls.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing