South Korean Tech Behemoth Kakao Takes charge of Japanese Crypto Exchange in M&A Deal
A Japan-based unit of the South Korean internet and tech giant Kakao has snapped up a controlling stake in a Japanese crypto exchange – which could see it seek to combine its web-based cartoon output with its crypto services.
Kakao Piccoma has become the biggest shareholder of the trading platform. The Kakao subsidiary operates Piccoma, the biggest web-based cartoon services provider in Japan.
The size of the deal was not revealed, but Sakura wrote that it had received a ‘‘capital expand through third-party allotment’’ of shares. Its CEO Hitomi Yamamoto will remain in charge of the company, but new directors have been appointed.
Kakao’s existing crypto links are not insubstantial. The commercial enterprise became an early investor withinside the South Korean market-main trade Upbit and stays a minority shareholder withinside the platform. The company also utilizes a dedicated crypto and blockchain assistant named Ground X, which pioneered the Klaytn blockchain network.