Kakao Group Unveils Stablecoin Functions for 43 Million-Wallet Users
Kakao Group has developed technology that allows users to store and trade on-chain assets like stablecoins through its KakaoPay wallet. The group aims to gain an early lead in the market for won-denominated stablecoin distribution by combining payment and banking infrastructure from KakaoPay and KakaoBank.
The KakaoPay wallet, used by 43 million registered users to store prepaid balances and make payments, has been updated to handle digital assets. The company tested transfers, payments, and settlement of digital assets by adding blockchain functions to an existing wallet environment already used by a large customer base.
KakaoBank is working to link the wallet with its banking system, reviewing system stability and ease of use based on security standards and regulatory requirements that apply to banks. The group plans to verify the technology separately in a payment platform and an internet bank before building distribution infrastructure covering digital-asset custody, payment, and settlement.
Kakao Group also plans to supply validated wallet technology to outside companies and financial firms as an integrated solution combining technical support and consulting. This will enable client institutions to design and operate wallets suited to their business structures and regulatory requirements.