CEOs and founders of Korean Internet business giants are staking out blockchain technology as a next generation of growth engine, as the Internet-centric growth era is numbering.
Cases in point are Korean Internet portal giant Naver Corp, mobile social network service platform titan Kakao Talk, and mobile and PC Internet game developer Nexon and NHN.
Korea’s largest Internet portal site Naver plans to host a Meet-up meeting, a sort of investors’ relation convention to make public its blockchain-based decentralized app, or DApp partners.
The publicity program of its blockchain DApp partners follows on the heel of its inception and registration of Line Financial, a FinTech subsidiary of Japan Line with FSA of Japan as well as the opening of ‘BITBOX, its own homegrown cryptocurrency trading platform.
Naver has issued and is now circulating its own native cryptocurrency ‘Link’ token across the globe.
Naver’s refocused dedication to blockchain-based FinTech market is also mirrored in the recent top management reshuffle, under which AI development project leader Shin Joong Ho took over CEO with Line Corp. of Japan. CEO Shin worked as CEO with Line Plus, an AI development subsidiary of Line Corp. Lee Hae Jin, founder and chairman of Naver Corp. is known to be the mastermind behind’s Naver ambitious foray into the global blockchain-based FinTech market.
Kakao Talk is no less ambitious, too. The mobile SNS platform giant has secured a 20% stake in Dunamu Co. Ltd., an operator of UPbit cryptocurrency exchange. Its blockchain subsidiary Ground X has developed its homegrown blockchain platform ‘Clayton’ and is scheduled to officially open it in the middle of June to lead the democratization of the blockchain technology- a move to speed up mass-adoption of the decentralized platform technology.
Kim Bum Soo, chairman with Kakao Talk board of directors, led the company’s project to rebuild its platform around the blockchain technology.
Kim Jung Joo, CEO and founder of game developer Nexon is no exception to the blockchain fervor. Kim decided to carve out the blockchain technology as a next breadbasket. CEO Kim acquired European cryptocurency trading site Bitstamp and Korean cryptocurrency trading site Korbit.
He recently invested in Togomi Holdings, U.S.-based cryptocurrency prime brokerage firm.
Togomi Holdings is New York-based cryptocurrency brokerage and trading platform that represents traders’ cryptocurrency transaction activities, executing selling or buying contracts on behalf of individual traders.
Lee June Ho, chairman with mobile Internet game developer NHN had signed alliance with OkCoin, Chinese cryptocurrency trading platform to launch local services in Korea. Spearheaded by chairman Lee, NHN is developing blockchain-based services called as ‘Pebble Project’
Nam Gwang Hoon, CEO with Kakao Games invested in Way2Bit, a blockchain game developer of “blockchain game platform ‘Bora’ to blaze a new trail to blockchain-based game market.
Park Kwan Ho, CEO with video game developer WeMade Entertainment also joined hands with Ground X, a subsidiary of Kakao, to develop blockchain technologies. Especially, WeMade is recruiting a talented crop of seasoned blockchain technology engineers and developers to relist popular game contents on a blockchain platform.
The rationale behind Korean Internet business giants’ aggressive entry into the blockchain market is to establish a head-start in the rapid growing blockchain-based contents and services market across the world. True enough, Korean Internet business heavyweights bet that the blockchain technology will likely to pump new vigor into the ever-slowing Internet business, as it promises to emerge as a new breed of decentralized platform for creating totally different service and contents in every aspect of business life from finance to logistics to entertainment to healthcare.