The cryptocurrency exchange Upbit Indonesia is expected to list Klay, the cryptocurrency of the South Korean messaging app Kakao.
This is according to a recent report released by The Korea Times. In the future, UpBit Singapore could eventually list the virtual currency as well.
Kakao’s Klay To Be Listed On UpBit Indonesia
As per the report, Upbit Indonesia will list the virtual currency on Thursday, but there is no information regarding the listing date for Upbit Singapore. The main goal is to help the Klaytn platform a solution for Asian users and individuals.
A Kakao official commented about it:
“We decided to list Klay on cryptocurrency exchanges in the respective countries as we aim for Klaytn to become an Asia-based platform.”
In the future, the Klay virtual currency could be supported by other cryptocurrencies in the region. Asia is one of the most active markets for cryptocurrencies with Japan, Singapore and South Korea being some of the main jurisdictions in the region.
Kakao is currently one of the largest companies in South Korea. The firm is the owner of almost 90 percent of the mobile instant messager market.
The Klaytn blockchain platform was developed by Kakao’s subsidiary Ground X, that has already partnered with other conglomerates such as Samsung Electronics. Ground X is also planning to raise $300 million in order to develop Klay, something that was announced back in 2018.
It is worth mentioning that this collaboration between Ground X and Samsung has already provided blockchain solutions for users. For example, there are some applications and a wallet that contain the Klay digital currency for Samsung phones.
At the same time, Ground X has also partnered with affiliates of the recognized LG Group, that include its electronics and telecommunications units and Hanwha Group. They have also been working side by side with the biopharmaceutical firm Celltrion and other major game companies.
Kakao has also launched a new website for its cryptocurrency wallet called Klip. This virtual currency wallet has been developed by Ground X and it is expected to help users store Klaytn as they earn this virtual currency online.
Ground X is currently headquartered in Japan, a country that has created a clear regulatory framework for the cryptocurrency market. Meanwhile, South Korea decided to ban Initial Coin Offerings (ICOs) after the bull market that they experienced at the end of 2017 and the beginning of 2018.