Kakao, a South Korean Internet company, established in 2010 was formed as a result of a merger between Daum Communications and Kakao. Kakao Corp, primarily operates mobile platforms in South Korea. The company offers gaming, transportation, venture capital investment, road view map, sales and operational support, job, commerce, portal, educational, social networking, shopping, artificial intelligence, content, and various other services through its mobile applications. It also operates financial services platforms that provide payment, transfer, bills, and membership services; and smart communication platforms for Pre-K parents and teachers to connect and communicate.
Kakao, had announced its intentions of launching a blockchain platform last year. Thus acting upon its words, on the 13th of May, 2019, Ground X declared the launch date of its very own blockchain platform; The Klaytn Mainnet. The awaited launch is to take place on the 27th of June, 2019 and will be an extensive driver of blockchain adoption in the entire country of South Korea.
The company owns a huge 96% market share in South Korea with widespread presence in numerous services. In addition, through its subsidiaries, the Company provides online advertising products that include search advertising and display advertising, and engages in the game business, which operates personal computer (PC) games and mobile game platforms. The Company provides varied online community services through cafe.daum.net, blog.daum.net, www.tistory.com, www.hanmail.net and others. It also involves in the provision of mobile communication platform, game and advertising services.
A testing version of the Klaytn Mainnet was released in October, 2018, an area that focuses on decentralised apps.
As of last October, developers were working with about ten domestic and international partners to test such new waters. In the wake of December last year, the firm had announced plans to raise a huge total of $300 million through Ground X (the blockchain arm of South Korean internet giant Kakao Corp) to develop a native token. Interestingly, Kakao also has plans of releasing an integrated crypto wallet in its messaging app; KakaoTalk, post release of the Klaytn Mainnet, as according to South Korean outlet, Fnnews.
Of late, Kakao Corp has repeated its initial coin offering (ICO) to raise an additional $90 million for Klaytn Mainnet.
Kakao also reported consolidated earnings results for the first quarter of 2019. For the quarter, operating revenue was KRW 706.3 billion up 5% Q-on-Q and 27% year over year. Operating profit was up 544% quarter-on-quarter and 166% year-over-year to KRW 27.7 billion. Net income was up KRW 46.2 billion quarter-on-quarter and KRW 2.9 billion year-over-year marking KRW 17.6 billion with net income margin at 2.5%. The company expects revenue target for this year is growth of more than 23%.