Webtoon platform Kakao Piccoma buys 50% of Japan’s Sakura Trade

Kakao Piccoma, a Japanese digital comics’ subscription service and subsidiary of the Korean web firm Kakao, has bought a 50% controlling stake within the Japanese cryptocurrency trade, Sakura Trade Bitcoin (SEBC).

That makes Kakao its largest shareholder and the deal can also be anticipated to assist Kakao provide cryptocurrency companies on its Piccoma webtoon platform, and broaden aggressively into Web3, in response to native media reviews. Piccoma is the biggest webtoon platform in Japan, and in 2021 its app marked $1 billion in client spend after six years within the Japanese market.

The quantity cocoa paid for its stake within the trade has not been disclosed.

SEBC is one in every of solely 30 crypto-asset exchanges registered in Japan with the Monetary Providers Company (FSA) and lists 11 cryptocurrencies, together with Bitcoin (BTC), Ethereum (ETH), XRP, and Litecoin (LTC).

Associated: Japan plans to tighten crypto trade regulation to implement sanctions

In mid-March, Kakao’s founder Kim Beom-soo, also referred to as Brian Kim, stepped down from the board of administrators to concentrate on the corporate’s affiliate manufacturers, particularly on the Kakao Piccoma model in Japan. The acquisition of SEBC is the primary merger and acquisition transfer from Kakao since Kim resigned.

Kakao has confirmed curiosity within the crypto area earlier than. In August final yr Kakao launched two blockchain firms in Singapore, the Klaytn Basis, a non-profit group and Krust, a worldwide accelerator for blockchain expertise adoption.

Kakao additionally runs a specialised blockchain subsidiary known as Floor X, which gained a central financial institution digital forex (CBDC) tender from the Financial institution of Korea in July 2021, turning into the chief expertise provider for blockchain-based digital gained simulations.

Prior, the corporate additionally was an early investor within the Upbit trade, the primary crypto trade to file with South Korea’s monetary regulators.

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Written by trendingatoz

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