Instant messaging user popularity is on the rise and the entry of Klatyn from Kakao is timely. However, Katlyn is not your usual IM service provider, it is blockchain backed with a crypto wallet to boot. The platform is not all about messaging but plays a role of an online payment service provider.
Kakao is a major player in the Korean market in the provision of blockchain related services. The wide range of Kakao products includes a popular instant messaging app, Kakao Talk, Taxi services and digital payment services.
Kakao Development Strategy
To date, the firm has raised over $90million towards the development of their native blockchain ecosystem christened Klatyn. Plans are underway to integrate the platform in to the Kakao Talk App. The beauty of it all is that the app will become a crypto wallet which will have the capabilities of storing and making digital currency payments as well as running “other applications”.
Users will have an option to opt-in to the crypto wallet. This is as a result of the ever increasing demand to use cryptocurrencies in social network tipping as a way of rewarding content creators. However, according to an industry representative:
“Kakao needs a cryptocurrency wallet for users of Klatyn and the best way to roll out the service is to integrate a crypto wallet into KakaoTalk, which over 80 percent of the population of South Korea use to communicate.
Kakao and Klatyn Eyeing the Global Market
Korea has the best internet penetration and usage of smartphones in the world and this is a major boost for Klatyn as the IM app positions itself for global visibility in the near future.
“The implementation of crypto wallet in the KakaoTalk will put the industry forward as the social service is “deeply attached to what it means to be Korean.”
There is increased interest in blockchain service provision across the globe and Korean is keen on becoming a leader in the niche. Kakao is one of the many industries entering the market with the revolutionary Klatyn app.
Samsung has shown interest in the technology and are working on a crypto storage app designed for their Galaxy S10 smartphone. However, the wallet might not support Bitcoin; it could become ideal for altcoin which dominate 48.6% of the crypto market.