Webtoon platform Kakao Piccoma buys 50% of Japan’s Sakura Exchange

Webtoon platform Kakao Piccoma buys 50% of Japan’s Sakura Exchange

Kakao Piccomaa Japanese digital comics subscription service and a subsidiary of the Korean Internet company Kakao, has acquired a 50% controlling stake in Japanese cryptocurrency exchange Sakura Exchange Bitcoin (ESBC).

This move makes Kakao its largest shareholder, and The deal is expected to help Kakao offer cryptocurrency services on its Piccoma webtoon platform and aggressively expand on Web3, according to local media. Piccoma is the largest webtoon platform in Japan. In 2021, its app reached $1 billion in consumer spending after six years in the Japanese market.

The sum that Kakao paid for his stake in the exchange has not been disclosed.

SEBC is one of only 30 crypto exchanges registered in Japan with the Financial Services Agency (FSA) and lists 11 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Ripple (XRP), and Litecoin (LTC).

In mid-March, Kakao founder Kim Beom-soo, also known as Brian Kim, stepped down from the board of directors to focus on the company’s affiliated brands, especially the Kakao Piccoma brand in Japan. SEBC acquisition is Kakao’s first M&A move since Kim’s resignation.

Kakao has already shown interest in the cryptocurrency space. In August of last year, Kakao launched two blockchain companies in Singapore.the Klaytn Foundation, a non-profit organization, and Krust, a global accelerator for the adoption of blockchain technology.

Kakao also runs a specialized blockchain subsidiary called Ground X, which won a Bank of Korea digital currency tender in July 2021.becoming the leading technology provider for blockchain-based digital won simulations.

Previously, the company also was one of the first to invest in the Upbit exchange, the first cryptocurrency exchange to file with South Korean financial regulators.

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