Kakao Piccoma Acquires 50% Stake in Japan’s Sakura Exchange Bitcoin Cluster

Kakao Piccoma Acquires 50% Stake in Japan’s Sakura Exchange Bitcoin Cluster

Kakao Piccoma Acquires 50% Stake in Japan’s Sakura Exchange Bitcoin Cluster

Thriving as a highly-acclaimed digital comics portal, Kakao Piccoma has purchased a 50% stake in Japan’s Sakura Exchange Bitcoin as part of its latest growth plan. Owned by South Korea’s telecom giant, Kakao Corporation, Kakao Piccoma will use this collaboration as a resource to create a seamless link between virtual currencies and the loyal customers of the digital webtoon creator. Interestingly, this highly-anticipated deal is one of the many pacts signed by the Kakao Corporation as part of its strategic move to venture across the global crypto industry.

According to the report, the purchase deal has made Kakao emerge as the largest shareholder of the SEBC ecosystem. The exchange will play a significant role in supporting the future plans of Kakao concerning its proliferation into the digital asset world. The trading platform will allow Kakao to provide easy access to crypto services on the Piccoma webtoon network. The teams will work together to strengthen the hold of Kakao in the fast-growing space of Web3 technology. The amount invested by the digital comics portal in acquiring the majority stake in SEBC has not been revealed by either of the involved parties.

Piccoma takes pride in being the biggest webtoon channel in Japan with a strong customer base and impactful market presence. In 2021, the app reached a whopping value of $1 billion in user spending six years of its inception in the sector. On the other hand, SEBC serves as one of the 30 crypto exchanges that are duly registered with the Financial Services Agency in Japan. It boasts of a diverse portfolio comprising 11 top-tier digital coins such as Bitcoin, Ethereum, Litecoin, Ripple, etc. Recently in March, Kakao’s founder Kim Beom-soo left his position as a board member to shift his focus on the growth of the firm’s affiliate units like Japan’s Kakao Piccoma. The SEBC pact is the first strategic move by the team post his resignation.  

Kakao has been quite actively participating in crypto projects, mergers, and collaborations with top-tier firms. In August 2021, the firm launched two companies in Singapore. This included the non-profit unit called the Klaytn Foundation and the global blockchain accelerator called Krust. The conglomerate also operates a blockchain subsidiary under the brand name of Ground X. In July 2021, Ground X was managed to win a CBDC tender from the Bank of Korea. This approval helped the unit to emerge as the chief technology provider for blockchain-supported Digital Won initiatives. The company was also an investor in the Upbit exchange which was the first trading platform to file with South Korea’s regulatory watchdogs.

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