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

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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 Exchange Bitcoin (SEBC).

That makes Kakao its largest shareholder and the deal can also be anticipated to assist Kakao provide cryptocurrency providers on its Piccoma webtoon platform, and develop aggresively into Web3, in line with native media stories. Piccoma is the biggest 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 one in every of solely 30 crypto-asset exchanges registered in Japan with the Financial Services Agency (FSA) and lists 11 cryptocurrencies, together with Bitcoin (BTC), Ethereum (ETH), XRP, and Litecoin (LTC).

Related: Japan plans to tighten crypto change regulation to implement sanctions

In mid-March, Kakao’s founder Kim Beom-soo, often known as Brian Kim, stepped down from the board of administrators to give attention to 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 area earlier than. In August final yr Kakao launched two blockchain corporations in Singapore, the Klaytn Foundation, a non-profit group and Krust, a worldwide accelerator for blockchain expertise adoption.

Kakao additionally runs a specialised blockchain subsidiary known as Ground X, which received a central financial institution digital forex (CBDC) tender from the Bank of Korea in July 2021, changing into the chief expertise provider for blockchain-based digital received simulations.

Prior, the corporate additionally was an early investor within the Upbit change, the primary crypto change to file with South Korea’s monetary regulators.

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