10 hours ago
Kakao Bank steps into stablecoin race with new trademark filings
South Korea's internet-only bank Kakao Bank has filed trademark applications in a preemptive move to establish a foothold in the stablecoin market, as the country accelerates efforts to institutionalize digital assets.
Kakao Bank, an affiliate of internet giant Kakao, recently submitted trademark applications for BKRW, KRWB, KKBKRW and KRWKKB to the Korean Intellectual Property Office. These names combine KRW, the currency code for the Korean won, with KKB, an abbreviation of the bank's name.
The four trademarks fall under three categories related to cryptocurrency-based electronic transfers and financial transactions, bringing Kakao Bank's total number of pending cryptocurrency-related trademark rights to 12.
'The trademark applications were filed as a preemptive move to respond to developments in the stablecoin market,' a Kakao Bank official stated, adding that the company is 'closely monitoring related legislation and market conditions.'
Earlier this month, Kakao Pay, an online payment service provider under Kakao, also filed for trademarks, combining KRW with its abbreviation, KP.
Recently, Korea has been accelerating the push to issue a Korean won-pegged stablecoin. Major financial and fintech companies -- including Kakao Bank and Kakao Pay -- are expected to play a pivotal role in the market.
Backed by the anticipation, shares of Kakao Bank surged to as high as 38,750 won ($28.45) on Tuesday, up nearly 20,000 won from 19,800 won on April 9. Kakao Pay shares soared to 114,000 won on Tuesday, marking a more than fourfold increase from 26,350 won on April 9.
