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Crypto

Kakao group expands digital asset ties with Grab, SCBX and others

Kakao group is expanding cooperation with domestic and overseas platform, financial and digital asset companies to build a won stablecoin ecosystem. Kakao, KakaoBank and KakaoPay signed MOUs with firms including Grab, SCBX, Kyobo Life Insurance and Bonanza Factory. The group is preparing collaboration across issuance, distribution, payments and remittances. It is also pursuing partnerships with Circle Internet Group and Fireblocks to build digital asset infrastructure.

Crypto

KakaoPay, KakaoBank to work with Fireblocks on stablecoin infrastructure

KakaoPay and KakaoBank will work with global digital asset infrastructure firm Fireblocks to build domestic distribution infrastructure centered on stablecoins. The two companies said on Sept. 22 they signed a memorandum of understanding with Fireblocks to help build South Korea’s digital asset ecosystem. The three will analyze infrastructure demand, explore business opportunities and review solutions suited to domestic regulation, security and service conditions. They also plan to identify proof-of-concept opportunities.

Games & Commerce

Kakao former CEO Im Ji-hoon sues Kakao Ventures and founder Kim Bum-soo over performance fee dispute

Former Kakao CEO Im Ji-hoon said on Sept. 16 he has filed a lawsuit against Kakao Ventures and Kakao founder Kim Bum-soo over a performance fee contract for the Kakao Youth Startup Fund. Im said his share was set at 60 percent but was later reduced to 22 percent after Kim requested an adjustment when Im became Kakao CEO. He said Kakao Ventures later confirmed it would pay him his calculated performance fee.