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  • Kakao is one of the largest internet companies in South Korea
  • Kakao’s fintech arm has launched a BaaS platform to help tech startups
  • BaaS offerings are getting increasingly popular due to their lower costs

According to a report by Korea JoongAng Daily published March 20, 2019, South Korean internet behemoth Kakao’s fintech arm Dunamo has announced the launch of Luniverse – an enterprise-scale blockchain service platform that aims to leverage the emerging technology to help companies expand their business footprint.

BaaS on the Rise

While North Korea often finds itself on the wrong side of affairs in the cryptospace, its southern neighbor South Korea is among the frontrunners in the race for the adoption of blockchain technology.

In the latest development, South Korean multi-billion dollar company Kakao’s fintech subsidiary announced the launch of a blockchain-based business service offering. Dubbed Luniverse, the platform will provide IT companies and tech start-ups blockchain-based solutions that they might not be able to develop on their own.

Per sources close to the matter, Luniverse will offer cloud-based solutions to create, host, and maintain a blockchain.

In order to provide a greater degree of variation in terms of maintenance services, Dunamu has entered into partnerships with a number of external vendors. These companies will provide blockchain apps and solutions as per the client’s specific requirements. Notably, this practice of availing blockchain services from an external entity has its own name – blockchain-as-a-service (BaaS).

Luniverse’s operations will be overseen by Lambda256, the erstwhile blockchain research center of Dunamu. Lambda256 spun off from Dunamu on March 19, 2019, and is now solely working to increase Luniverse’s business reach.

Park Jae-Hyun, CEO and former research head of Lambda256 said:

“In the past, a lot of companies built their own blockchain, but an alternative is outsourcing the establishment of a blockchain in the form of a service offered on cloud systems.”

In a bid to increase the use of distributed ledger technology (DLT) in the country, Lambda256 stated that it will establish a blockchain app market in 2019. This market will be accessible to the general public and clients who can purchase DLT-based solutions to implement in their business models.

Park concluded:

“Our ultimate goal is to grow into the Amazon of blockchain by 2022.”

Kakao All-in With Blockchain and Crypto

It seems that Kakao is leaving nothing to chance in its attempt to try and grab the biggest slice of the South Korean blockchain industry.

Blockchain Reporter informed its audience on October 1, 2018, how Kakao and a few other South Korean tech heavyweights are pushing to launch their own cryptocurrencies to grab the budding market.