A merger between a blockchain messenger provider in Seoul and its Chinese counterpart surprised the blockchain industry.
On April 10th, Biyong Singapore, a blockchain-based social network service in China, had equity transfer agreement with ZooHoldings Hongkong, which operates Bananatok, a blockchain messenger in Korea. With the acquisition of Biyong, Bananatok expects that it can share critical issues in China to the blockchain ecosystem in Korea. Acquisition price is not disclosed.
“Acquisition price might be high, considering the number of users and the influences in the Chinese market that Biyong have. ZooHoldings Hongkong is not a Korean firm. But given that South Korean operates the company, this merger is the largest scale that Korean has ever led in the blockchain industry,” said a source familiar with the market.
“After the acquisition of Biyong, ZooHoldings will separately run blockchain business and foods business, its main business. And Biyong Singapore will share its projects with Bananatok to bash away on developing crypto. Later, Biyong and Bananatok will be operated together. BNA, Bananatok’s own digital asset, will secure 10 million users of Biyong,” suggested an official of ZooHoldings.
“We expect to easily expand our projects to the Chinese speaking countries. Korean currency market and BTC/USDT market of Biyong can be listed on Banana EX(Bananatok Exchange), and localization would be easier than before,”said Cho Woo-chang, the president of Bananatok.
“With Binance, the world’s top digital asset exchange, Biyong is operating Social Futures Exchange, meaning that listing can be easier. When Biyong launches game service and payment service, that are prepared in Bananatok, the real users are likely to be exponentially increased,” he predicted.
“The era of Mainnet, public blockchain, is gone, and the era of social network service-based coin is coming. Coins, issued by Mainnet, are mostly white elephant, as those digital currencies are nearly impossible to use in our daily lives. The value of coins will be largely determined by an innovative management technology and the connection with our daily lives,” he opined.
“Let’s talk about DeFi(Decentralized Finance). A project that offers only one service is unlikely to catch users’ interests regardless of service quality, due to the lack of effective marketing strategy,” he emphasized.
“The response of America and its allies indicates that how Libra, a stablecoin issued by Facebook, could be dangerous. Bananatok, however, focuses on the importance of social network service and the number of Biyong users. We found the great potential of Biyong, acquiring it. And, we will make progress on developing BNA as the Korean version of Ethereum(ETH) by approaching to the public, making good use of advantages of social network service,” added Cho.