Kakao, a major Korean tech and internet company, has acquired significant controlling power in a Japanese crypto exchange. Kakao conducted this deal through its Japan branch, and the new development could make it possible for the company to combine its crypto services with its online cartoon creations.
Kakao, Biggest Shareholder On The Platform
According to a notice on Sakura Exchange Bitcoin site and Yonhap, Kakao Piccoma is now the biggest shareholder on the Japanese trading site. The Kakao subdivision runs Piccoma, the biggest internet-based cartoon company in Japan. These cartoons are popularly known as webtoons.
The percentage of the deal was not revealed. However, Sakura stated that it had received more capital by giving shares to a third party. Though several new directors have been appointed, Hitomi Yamamoto, Sakura’s CEO, will continue to lead the company.
South Korea media speculated that Kakao offshoot could implement Sakura’s crypto offers to its online cartoon platform. Kakao Piccoma said it would improve business collaboration between the two firms and focus on other services besides webtoons.
Sakura’s History
Sakura was established in 2017 in Osaka and presently provides eleven crypto assets with high capitalization. Kakao’s crypto links are significant. The company was among the first investors in Upbit, one of the biggest exchanges in the South Korean market, and it is still one of the small shareholders in the trading platform to date.
Kakao also runs an active blockchain and crypto subordinate company called Ground X, which founded the blockchain network named Klaytn.
This will be a busy month for acquisitions and mergers in the Japanese crypto market. Just yesterday, it emerged that there is a bitter power battle going on at Bitflyer over the ownership of this giant trading platform.
Bitflyer’s Ownership Woes
When some of its shareholders are reportedly trying to sell a big stake to a Singaporean private equity company, CEO Yuzo Kano, is attempting to delay the sale by searching for a buyer on Twitter. He is the biggest sole shareholder and one of the company’s founders. The CEO tweeted in English on the social media platform asking for a white savior to rescue the company.
In the meantime, Starbucks plans to venture into NFT business. Starbucks is an American coffee company with chains all over the world. It plans to venture into the non-fungible token business before the year ends. The interim CEO, Howard Schultz, a business billionaire, announced yesterday at an Open forum.
He said they are in a good place to get into this business due to its heritage and collectibles. He announced this as the company is grappling with various challenges, including difficulties in its major China market, high prices because of escalating inflation, and dissatisfied employees. click here to read more about crypto exchanges platforms.