A subsidiary of South Korean internet and technology giant Kakao has acquired a majority share in a Japanese cryptocurrency exchange, paving the way for the company to integrate its web-based cartoon content with its crypto services.<\/p>\n
Kakao Piccoma, a subsidiary of Kakao in Japan, has bought more than 50% of the Japanese cryptocurrency exchange Sakura Exchange Bitcoin (SEBC).<\/p>\n
Kakao and SEBC made no mention of the actual extent of the shareholding or the deal\u2019s worth.<\/p>\n
SEBC was founded in May 2017 and now supports 11 different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and XRP.<\/p>\n
First M&A For Kakao<\/h2>\n
The acquisition of the Japanese crypto exchange is Kakao\u2019s first merger and acquisition move since founder Kim Beom-su resigned as chairman last month and pledged to focus on growing its global business under the company\u2019s \u201cBeyond Korea\u201d plan.<\/p>\n
According to Yonhap and an official announcement on the Sakura Exchange BitCoin website, Piccoma has become the trading platform\u2019s largest shareholder.<\/p>\n
Suggested Reading | Coinbase To Hire 1,000 Employees For India Crypto Hub Expansion<\/a><\/em><\/strong><\/p>\n Piccoma, Japan\u2019s largest web-based cartoon (webtoon) service provider, is operated by the Kakao subsidiary.<\/p>\n SEBC disclosed the receipt of a \u201ccapital increase by way of third-party allotment\u201d of shares. Hitomi Yamamoto, the company\u2019s chief executive officer, will continue in charge, but a number of new directors have been recruited.<\/p>\n The acquisition\u2019s objective is to establish and expand business in Web3 through the use of blockchain and cryptocurrency technology.<\/p>\n Piccoma, for its part, is likely to integrate bitcoin and blockchain technology into its webtoon platform.<\/p>\n \u201cThe recent arrangement is Piccoma\u2019s first foray into sectors other than webtoons,\u201d an industry official explained.<\/p>\n Kim announced in mid-March that Beyond Korea would begin in Japan, where Piccoma has evolved to become the country\u2019s largest digital comics platform, offering a diverse selection of Japanese manga and webtoons.<\/p>\n Recent developments include the launch of Kakao\u2019s webtoon subscription service in Europe.<\/p>\n Suggested Reading | Trudeau Challenger Wants To Make Canada \u2018Blockchain Capital\u2019 Of The World<\/a><\/em><\/strong><\/p>\n Japanese comics account for over 30% of total comic book sales in France, where the South Korean tech giant opened Piccoma\u2019s Europe office in September 2021 and has been operating there since.<\/p>\n Kakao entered the blockchain space in 2018 with the creation of its blockchain subsidiary Ground X. The next year, it launched Klaytn, a platform for bitcoin and blockchain development.<\/p>\n Kakao founded Krust in Singapore in October last year, acquiring the Klaytn project from Ground X in order to extend its blockchain business globally.<\/p>\n According to Bloomberg last year, Kakao was exploring a Japanese stock market offering because of the success of its manga app, which competes with Line, Japan\u2019s most popular messaging app.<\/p>\n<\/p>\n
BTC total market cap at $891.60 billion on the daily chart | Source: TradingView.com<\/a><\/pre>\n
Expanding Business In Blockchain And Crypto<\/h2>\n
Japanese Comics A Big Hit In France<\/h3>\n
Featured image from Euronews, chart from TradingView.com<\/a><\/pre>\n<\/p><\/div>\n