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 change, Sakura Change Bitcoin (SEBC).
That makes Kakao its largest shareholder and the deal can be anticipated to assist Kakao supply cryptocurrency providers on its Piccoma webtoon platform, and broaden aggresively into Web3, in response to native media reports. Piccoma is the most important webtoon platform in Japan, and in 2021 its app marked $1 billion in client spend after six years within the Japanese market.
The quantity Kakao paid for its stake within the change has not been disclosed.
SEBC is certainly one 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).
In mid-March, Kakao’s founder Kim Beom-soo, also called 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 house earlier than. In August final 12 months Kakao launched two blockchain companies in Singapore, the Klaytn Basis, a non-profit group and Krust, a world accelerator for blockchain expertise adoption.
Kakao additionally runs a specialised blockchain subsidiary known as Floor X, which won a central bank digital currency (CBDC) tender from the Financial institution of Korea in July 2021, changing into the chief expertise provider for blockchain-based digital gained simulations.
Prior, the corporate additionally was an early investor within the Upbit change, the primary crypto change to file with South Korea’s financial regulators.