South Korea’s largest messaging app operator Kakao is planning to establish a unit focusing on blockchain technology, Reuters reported.
Co-founder of local startup accelerator FuturePlay Inc, is expected to lead the new unit.
The unit expected to established this month, will include a potential so-called reverse ICO where an established firm raises capital through offering cryptocurrency, Reuters quotes the domestic The Bell website as saying.
Shares in Kakao fell 3.5 percent on Monday. Analysts say it was part of overall weakness in South Korean shares amid worries about a U.S. trade war.