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Sunrun has been outpacing its competitors in the race to sell more residential solar capacity that any other company.
L.A. Times – Business
The company behind the biggest U.S. radio broadcaster filed for chapter 11 after reaching an agreement in principle with investors over a balance-sheet restructuring, a decade after a private-equity-led buyout left it with billions in debt.
WSJ.com: US Business
What a week for the peninsular nation, 대한민국 Republic of Korea. Moon Jae-in’s administration appears to have brokered a potential meeting between heads of state to avoid nuclear holocaust, and in more practical terms local media is widely reporting regional internet giant Kakao will deepen its involvement with cryptocurrency in South Korea by incorporating crypto into its various, hugely popular, platforms.
Kakao to Make Crypto Ubiquitous in South Korea
주식회사 카카오 Kakao, sometimes romanized in press accounts as Cacao, has tentacled itself into every conceivable community platform: Kakaotalk chat application (app), Kakaomusic app, Kakaostyle mobile fashion service, Kakaopay e-wallet, Kakaobank, Kakao T taxi app, and those are just for starters.
The company’s penetration in South Korea is deep and growing, especially regarding cryptocurrency. Toward Fall of last year, these pages informed readers Kakaotalk had, through its inner-app Kakaostock, planned a cryptocurrency exchange to trade bitcoin and ether. The effort was to exploit the app’s 200 million worldwide users as well as its having gobbled up 95% of the domestic smartphone market.
Little more than a month later, the company announced launch of Upbit, with over 110 cryptocurrencies, making it the largest of its kind in South Korea. By December, “Kakao’s cryptocurrency exchange Upbit [claimed] to be the largest crypto exchange by volume in South Korea, one of the top three markets globally. Listing over 120 coins and leveraging Kakao Talk’s massive user base, Upbit currently facilitates an average daily trading volume of 5 trillion won,” News.Bitcoin.com reported.
아시아경제 Asian Economy, a Korean online news organization, reports the company isn’t letting up on its crypto business model. In fact, Kakao “will introduce a virtual currency payment system. It will be applied not only to its own platforms such as KakaoTalk, but also to more than 10,000 Kakaopay merchants.”
Huffington Post Korea quotes a Kakao official as saying, “We are discussing the introduction of a cryptographic business, including ICO, through subsidiaries,” and a more concrete announcement will be given on the 20th of this month. Its financial technology arm “has introduced a service to support virtual currency settlement in the first half of the year,” Asian Economy continued. Kakao is reportedly also considering its own proprietary coin, Kakao Coin, or something approximating. “When a consumer chooses to pay for a virtual currency,” merchant settlement will continue to be in won, but the crypto currency will be able to trade among all of Kakao’s platforms, from taxis to video games. It is unclear as to whether the latest platform will facilitate usage of other coins, such as bitcoin.
According to the Huffpo, “There is no reason not to enter the coin market for companies doing various content businesses like cacao,” an industry official is quoted as saying. “Instead of cash, you can use your coin to get payment data, and add it to your card company or payment agency. I do not have to pay a commission, so there are many advantages. The [coin] can attract overseas users, but the government has a negative view on ICO, so it should be more widespread whether it can be universally used in Korea.”
The company will reportedly smuggle it all under the subsidiary name of Kakao Blockchain, according to Money Today. The online source also indicates recent success of its global rival, Telegram, to raise hundreds of millions of dollars during an initial coin offering (ICO) has prompted Kakao to take a harder look at the investment opportunity. However, “ICO is illegal in Korea,” Money Today points out, “For this reason, it is estimated that the ICO will be conducted overseas in Singapore and Hong Kong.”
What do you think about Kakao’s crypto expansion? Let us know in the comments!
Images via Pixabay, Kakao.
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China’s giant pandas will soon have a national park over twice the size of Yellowstone in which to mingle and mate, the AP reports. China’s foreign ministry announced Thursday that the Bank of China will provide at least $ 1.5 billion toward Giant Panda National Park. The conservation park will…
Toys R Us Inc. doesn’t sell the most toys in the U.S. — that distinction goes to Walmart Inc. — but it has remained a key proving ground for kids’ gadgets, games and other playthings.
And that may be the biggest blow to the toy industry if the retailer moves ahead with a liquidation of its U.S….
Comcast Corp.’s proposed $ 31-billion acquisition of European pay-TV provider Sky is an aggressive move to wrest the service away from Rupert Murdoch’s 21st Century Fox — and the Walt Disney Co.
Tuesday’s surprise offer for Sky by Comcast, which owns NBCUniversal, is a broadside to both Fox and…
U.S. bank watchdogs should retain the ability to dismantle massive, complex financial firms after a collapse, but they should ensure the power is reserved “as an emergency tool for use under only extraordinary circumstances,” the Treasury Department said in a report released Wednesday.
The moment a gigantic boar stands on his hind legs to chow down on garbage has been caught on camera — but it’s where the animal is doing it that’s causing concern.
Keurig will buy Dr. Pepper Snapple Group, creating a beverage giant with about $ 11 billion in annual sales. The companies, both the result of previous mergers, will bring under one tent global brands like Dr. Pepper, 7UP, Snapple, A&W, Mott’s, Sunkist, and Keurig’s single-serve coffee makers. The company is still…
The world’s largest dedicated semiconductor foundry, TSMC, expects that the bitcoin mining industry will continue to grow this year, fueling an increased demand for its chips. Some analysts now see the cryptocurrency mining sector as offering the highest potential to cover for weak iPhone X sales for Apple’s primary chip supplier.
Taiwan Semiconductor Manufacturing Company (TPE: 2330) today reported its Q4 2017 earnings, showing a 10.1% increase in revenue and a 10.4% increase in net income. In total, the Q4 revenue was $ 9.21 billion, which increased 10.7% from the previous quarter and 11.6% year-over-year. The TSMC stock rose 2.69% in response.
“Our fourth quarter business was supported by major mobile product launches and continuing demand for cryptocurrency mining,” said Lora Ho, SVP and Chief Financial Officer of TSMC. “Moving into first quarter 2018, we expect the strong demand for cryptocurrency mining will continue while mobile product seasonality will dampen our business in this quarter.”
Bitcoin mining hardware is considered to offer the highest growth potential for the company with some analysts expecting that it will double and constitute up to 10% of TSMC’s revenues in 2018. They even hope it can compensate for the lackluster iPhone X sales in China for the chip maker. “The mining impact on TSMC is now akin to that of a popular new iPhone,” commented Mark Li, a Hong Kong-based analyst with Sanford C. Bernstein & Co. “The difference is that each new iPhone requires a huge amount of innovation and marketing. The Bitcoin contribution is automatic.”
Boom or Bust
Stock analysts covering TSMC are divided about bitcoin’s long term effect on the company’s bottom line. “Although some investors are bullish that Bitcoin-related chipset demand could offset soft smartphone demand in 2018, we question whether Bitcoin demand will be sustainable” if prices slide, Benjamin Chiang, an analyst at KGI Securities, commented ahead of the results.
However, others acknowledge it can be a winning best for the company. “Cryptocurrency is like a call option for TSMC, which is an attractive investment on its own,” said Sebastian Hou, an analyst with CL Securities Taiwan Co. “If mining demand vanishes tomorrow, it shouldn’t affect the investment outlook. But if it turns out to be strong, the company will rake it in.”
Should chip makers bet big on bitcoin mining or just stick to cell phones? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
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