When a global Internet giant teases with the community and mulls about the possibility of offering crypto-related services, it will certainly draw people’s attention and raise some eyebrows in the process. That’s precisely what Kakao has managed to achieve.

The South Korean online giants have launched a teaser about its upcoming crypto wallet, dubbed Klip. The piece of news was reported by local agency News1 Korea at the start of the week.

An Integrated Part of the KakaoTalk Interface

The report states that users of the social media and instant messaging app KakaoTalk, owned by Kakao, can see the teaser page of the wallet on the “More” tab. As a matter of fact, the wallet will purportedly be available as an integrated part of the KakaoTalk interface.

That means that the potential for worldwide use of the crypto wallet is substantial: KakaoTalk has over 50 million active users, and all of them will be able to access and use the cryptocurreny wallet from the famous messaging app.

Klip was originally developed by GroundX, which is one of Kakao’s blockchain subsidiaries. The wallet will be able to store the Klatyn that people can obtain online. Klip will also support non-fungible tokens and will also include other tools, such as finance applications, content creation resources, and other blockchain powered games and solutions.

Supporting Partners

Not only will users be able to support Klatyn, but also, Klip will allegedly be able to support other tokens that are partners to the Klatyn project, a relatively new initiative that was unveiled and enabled in June.

In fact, the News1 Korea observes that users of the KakaoTalk can see several partner logos on the teasing page, including those of other tokens such as Airbloc, Pebble and Spin Protocol, among others.

According to Han Jae-Sun, who is the CEO of GroundX, Kakao wanted to take advantage of its 50-million people community to make cryptocurrency services, like the Klip wallet, more accessible.

Jae-Sun had previously stated that “everyone is focusing on developing the ability to increase accessibility so that they can easily use the blockchain. We are making efforts to improve efficiency and worrying about cryptocurrency distribution.”

Klip Will Meet the Market in 2019

The Klip crypto wallet is, according to a Kakao official quoted by News1 Korea that preferred to remain anonymous, expected to meet the market this year, although he didn’t reveal an exact date.

One of Kakao’s goals for the end of the year is having at least 34 decentralized apps (dApps) supported on the Klatyn mainnet. The firms currently interacting there are, reportedly, worth nearly $65 billion of market value.

On March 2019, the Internet services company from South Korea implied that it would be repeating the initial coin offering (ICO) for Klatyn. Whilst it received $90 million from investors, the goal was, according to an announcement from 2018, around $300 million in order to develop its own crypto asset.

GroundX, the entity in charge of operating the ICO, has headquarters in Japan, given South Korea’s anti-ICO laws.

By Andres Chavez


Please enter your comment!
Please enter your name here