South Korean Internet company Kakao plans to acquire the crypto asset platform, Mil.K. The company may invest with a 100% stake in Milk Partners, a bank industry insider said to the media. The investment is estimated to be around 100 billion won, handing over the operational rights to KakaoTalk.
Although Kakao has not denied its interest in MiL.K project investment, the officials said they were ‘merely studying’ the investment option. However, an industry insider is certain that the company is set to acquire the South Korean crypto platform. “Kakao has been reviewing either collaborating with or taking over firms that are related to its virtual asset business,” the source said.
Since there’s a wave of the leading Korean tech firms collaborating with regional cryptocurrency businesses, Kakao is likely to follow the trend. Cho Jung-min started the MiL.K firm, which is a blockchain integration platform operating under its parent company Key Inside.
According to sources, the crypto platform has received multiple investment offers in the past few months. Amongst all, Kakao acquiring the firm seemed to have more possibilities than others.
Ground X is a blockchain development firm that is a subsidiary of Kakao Group. The firm recently made strategic investments in Key Inside, which has given further grounds for talks on Kakao acquiring MiL.K.
Industry insiders predict that Kakao will leverage the MiL.K platform to encourage strategic expansions of its blockchain project, Kay. Apparently, Kakao and Milk Partners had developed professional relations through various partnership discussions.
Cho Jung-min had previously worked at Kakao Pay and decided to take their professional relations to partnership level through MiL.K.
Kakao recently invested in Humanscape to become one of the largest shareholders. Humanscape operates a blockchain integration platform, Rare Note. The company caters to the digital health market.
Ever since the news of the Kakao-MiL.K partnership has come out, the price of Milk Partners has begun to surge.MiL.K is known to be a cryptocurrency platform that presently caters to lifestyle, leisure and travel services. Industry experts suggest that if the partnership deal turns out to be successful, it may break the monopoly in the crypto platform market.
