With crypto trading reportedly reaching feverish proportions in South Korea, internet giant Kakao might be set for an upward share price advance.
Quoting comments from analysts Mirae Asset Daewoo — a South Korean brokerage outfit — The Korea Herald has reported that the chat app operator stands to benefit from the ongoing enthusiasm in the Bitcoin (BTC) market. According to Mirae Asset Daewoo analyst Kim Chang-kwon:
“Kakao owns about a 23 percent stake directly and indirectly in Upbit’s operator Dunamu. Since Upbit has already surpassed its record-high traffic and trading amount set in the fourth quarter of 2017, we expect Kakao to enjoy benefits.”
Upbit is one of the “big four” cryptocurrency exchanges in South Korea along with Bithumb, Coinone and Korbit.
Apart from its equity stake in Dunamu, Kakao, like other major South Korean conglomerates also maintains a significant presence in the crypto and blockchain space. The chat app operator has its own cryptocurrency KLAY as well as a blockchain platform Klaytn developed by its subsidiary Ground X.
Bloomberg data puts Kakao stock price at 485,000 won ($429.77) as of the time of writing. Mirae Asset Daewoo hasTitle: Bullish Bitcoin trading in Korea provides tailwinds for Kakao share price
Sourced From: cointelegraph.com/news/bullish-bitcoin-trading-in-korea-provides-tailwinds-for-kakao-share-price
Published Date: Wed, 17 Mar 2021 10:08:31 +0000
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