The fintech arm of Kakao, Dunamu, has recently begun the operations of a blockchain service platform. As the largest Internet corporation in South Korea, Kakao swears that this new blockchain service platform will help Korean companies start blockchain-based businesses. This information came from Joong Ang Daily on March 19.
Dunamu’s platform, called Luniverse, has a unique easy-to-use design that can facilitate IT start-ups if they want to engage in providing services involving the blockchain. With high-level security, the blockchain platform of Dunamu is equipped with the ability to scale automatically. Thus, it can make adjustments in terms of blockchain sizes depending on how much data its storage has.
Integrating Crypto Wallet into Messenger
Yesterday, Kakao also made an announcement regarding getting its crypto wallet integrated into its messaging app named KakaoTalk. In this case, the service of peer-to-peer crypto transactions powered by Kakao’s crypto wallet becomes available for over 40 million South Korean users of KakaoTalk.
In March, Kakao will also repeat its ICO after it has netted a whopping $90 million from its many users and investors. Dunamu’s blockchain platform, Klaytn, will also raise a similar amount — $90 million. In December 2018, Kakao formally made an announcement that it wanted to utilize Ground X for the development of its own token and expect to raise an estimated $300 million from this endeavor.
Currently, Dunamu is collaborating with blockchain companies in order to outsource the establishment of its own blockchain platform. This is through cloud systems, and it is very different from the past when companies would take time to design their own blockchain.