The South Korean internet giant Kakao reportedly owns “around” 23% of Dunamu, the operator of the nation’s market-leading crypto exchange Upbit, per South Korean media outlets.
Two of the country’s biggest financial newspapers – Maeil Kyungjae and Money Today – made mention of the company’s minority ownership of Kakao in recent reports about Kakao’s financial health and recent rises in share prices.
Kakao operates the highly successful chat app KakaoTalk, as well as the Ground X blockchain subsidiary, the Klip crypto wallet and the Klaytn blockchain network – in addition to a listed cryptoasset named klay (KLAY). The firm also has extensive banking operations, an e-payment arm and a whole host of other business avenues.
But with Upbit posting record figures and Dunamu reportedly eyeing an initial public offering (IPO) in the United States – possibly off the back of Coinbase’s own much-awaited listing this week – Kakao’s shares are also soaring.
Maeil Kyungjae wrote: