South Korea's Kakao and Irish Startup Festy Partner to Implement Blockchain Payment System

The South Korean messaging giant, Kakao, has signed a partnership with an Irish startup called Festy in order to develop a blockchain-based payment system.

The information was released by the Irish news outlet Fora on March 23.

Festy and Kakao Work on New Blockchain Services

The main intention behind this partnership is to focus on applying blockchain technology to a blockchain-based payment system and an analytics application.

The blockchain network that will be used is known as Klaytn and it has been developed by Kakao subsidiary Ground X.

Festy was founded in 2016 and it started as a product for wristbands at a music festival. The firm was able to store payments and ID data for users not to carry cash or cards on the campsite.

Festy founder, Graham de Barra, commented:

“What they like about us is a ticketing system for checking in and checking out for clubs and other types of live events. It’s very good for organisers of events to see the flow of people in their events and they have this auditable real-time ability to see it on chain.”

The new system created will be focusing on privacy and it will allow customers to have greater control and view of their data and how is collected. With blockchain technology, consumers can get remunerated for contributing to the big data that is being built around them.

Flaytn’s testnet has been released before its formal launch that was set for the first quarter of the current year. Kakao has also announced a new partnership with the stablecoin known as Terra, that will be using Klaytn as a blockchain-based payment system.

Kakao has been trying to enter the crypto market and play a more important role in the cryptocurrency space. The firm is moving towards new businesses such as blockchain and AI. The operating expenses related to these new investments reach $57.5 million.

Bitcoin, BCH, Ethereum, and XRP Price Prediction: Today's Top Crypto Technical Analysis

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,481FansLike
2,795FollowersFollow
4,265FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Over 100k Bitcoin Worth Nearly $1.2 Billion Tokenized on Ethereum; WBTC & RenBTC Leading

The number of Bitcoins locked on Ethereum continues to hit new records. It has already surpassed $1 billion. Currently, nearly $1.2 billion worth of Bitcoin...

China Should Seize the ‘First Mover' Advantages of Launching A CBDC: PBoC

China should aim at becoming the first country to issue digital currency as part of its efforts to internationalize the yuan and lessen its...

These 2 DeFi Forks Take a Harsh Beating As The Originals Reclaim Their Dominance

Up until the mid of last week, Curve clone Swerve was enjoying a record $942 million in deposits, or total value locked (TVL), as...

Biggest Banks Involved in Moving $2 Trillion Illicit Funds, Reveals FinCEN Documents

And they say bitcoin is used for criminal activities. The leaked documents of $2 trillion transactions, a tiny proportion of the SARs submitted over the...

Binance Launches the ‘Innovation Zone' to Justify DeFi FOMO Listings

Leading spot exchange Binance has created an “Innovation Zone” to list newer tokens. "The team has created the Innovation Zone, which will allow users to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today