Kakao Piccoma Acquires the Japanese Crypto Platform Sakura Exchange Bitcoin (Report)

Japan’s Sakura Exchange Bitcoin became Kakao’s first subsidiary that is a cryptocurrency trading venue.

Kakao Piccoma – a Japanese subsidiary of South Korea’s mobile app operator Kakao Corporation – reportedly acquired a controlling stake in the crypto platform Sakura Exchange Bitcoin. Through this move, Kakao intends to utilize blockchain technology and Web3 in its future operations.

  • According to a recent report by Business Korea, Kakao Piccoma purchased more than 50% stake in Sakura Exchange Bitcoin, becoming its largest shareholder. Nevertheless, the exact size of the deal was not disclosed.
  • The deal should help Kakao Piccoma apply cryptocurrency and blockchain services to its webtoon platform. The company also aims to engage further with the Web3 sector.
  • It is worth noting that Kakao Piccoma runs Piccoma – Japan’s largest webtoon service provider. The software is available on smartphones, personal computers, and tablets.
  • An official whose identity was not revealed said that the latest deal is a “new business move by Kakao Piccoma to challenge areas other than webtoons.”
  • The company hopped on the crypto bandwagon in 2018 when it launched its blockchain unit Ground X. In 2019, it introduced Klaytn – a digital asset development platform.
  • In March this year, Kakao’s Founder and Chairman – Brian Kim – stepped down from the organization’s board of directors following a series of scandals that shook the company’s stability.
  • A day after his departure, Kim said he will work on the “Beyond Korea” global expansion, while Namkoong Whon (NK) will lead Kakao’s efforts in going “Beyond Mobile.”

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