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South Korean Kakao Launching Its Own Crypto Wallet

Originally published on: </strong><br /> <a href="https://www.coinspeaker.com/kakao-crypto-wallet/"><u>Read the original article</u></a></p> <p>August 12, 2019</p> <div> <div id="attachment_88540"> <p><img alt="Photo: Shutterstock" src="https://www.coinspeaker.com/wp-content/uploads/2019/08/kakao-klip-wallet-groundx.jpg"></img></p> <p>Photo: Shutterstock</p> </div> <p>South Korean messaging giant <a href="https://www.coinspeaker.com/organizations/kakao/" rel="noopener noreferrer" target="_blank">Kakao</a> has recently <a href="http://news1.kr/articles/?3693463" rel="nofollow noopener noreferrer" target="_blank">announced</a> they are launching their own cryptocurrency wallet “Klip” later this year.</p> <p>As it is officially confirmed Klip has released a “teasing site” towards its release in the second half of the year.</p> <p>According to the report, the wallet is developed by Kakao’s blockchain arm Ground X and is going to stand behind the company’s native token KLAY as well as other cryptocurrencies based on its native blockchain called <a href="https://www.coinspeaker.com/kakao-klaytn-blockchain-ethereum/" rel="noopener noreferrer" target="_blank">Klaytn</a>.</p> <p>With more than 50 million global KakaoTalk users, Ground X CEO Han Jae-Sun noted that the decision to <a href="https://www.coinspeaker.com/south-korea-kakaotalk-crypto-wallet/" rel="noopener noreferrer" target="_blank">integrate</a> the wallet into the popular messaging app was a matter of optimizing cryptocurrency approachability.</p> <p>The wallet, which is equipped with blockchain technology, will allegedly support a lot of services such are finance, games, and overall content.</p> <p>The wallet function will be also added to KakaoTalk, in order to enable its users to easily manage their digital assets through the mobile app with no need to install a separate app. It is expected that Klip will allow sending and receiving digital assets in real-time.</p> <p>Klaytn has been launched using Kakao’s mainnet back in June this year and it was then said it had a combined market value of $64.8 billion. By October of this year, Kakao plans to have as many as 34 decentralized apps (DApps) supported on the platform.</p> <p>For now, there are nine DApps available on the platform, including a program that rewards meals for reviewing restaurants and another one that encourages its users to upload entertaining videos.</p> <p>The launch of Klaytn was pretty much important because of Kakao’s dominance in South Korea, where it has a 96% market share. As well as providing messaging platforms and gaming, the messaging giant offers content and financial services.</p> <p>In March this year, Kakao <a href="https://www.coinspeaker.com/kakaos-ground-x-raised-90m-private-ico/" rel="noopener noreferrer" target="_blank">specified</a> it would repeat its initial coin offering (ICO) for Klaytn after netting $90 million from investors such are <a href="https://www.coinspeaker.com/tag/idg-capital/" rel="noopener noreferrer" target="_blank">IDG Capital</a>, Cresendo Equity Partners, and <a href="https://www.coinspeaker.com/tag/translink-capital/" rel="noopener noreferrer" target="_blank">Translink Capital</a>.</p> <p>CEO of Ground X, Han Jae-sun then <a href="http://www.fnnews.com/news/201903181439578029" rel="nofollow noopener noreferrer" target="_blank">stated</a> that everyone seems to be focusing on developing the power to increase accessibility so that they can easily use the blockchain.</p> <blockquote> <p>“We are making efforts to improve efficiency and worrying about cryptocurrency distribution.”</p> </blockquote> <p>From the company then said:</p> <blockquote> <p>“Following the integration of Blockchain Keystore on Samsung, the integration of a crypto wallet by Kakao, which is used by the majority of messaging app users in the nation, is expected to expand blockchain services and usage.”</p> </blockquote> <p>In December 2018, Kakao had first announced that it was planning to raise around $300 million through Ground X to develop its own token.</p> <p>Ground X, which operates the ICO, is notably headquartered in Japan, because of South Korea’s heavy <a href="https://www.coinspeaker.com/south-korea-maintaining-ico-ban/" rel="noopener noreferrer" target="_blank">anti-ICO policy</a>.</p> <p>In the other news, in spite of the criticism on the undisguised commercialization of its platform, Kakao Corp, proves it can still be well valued.</p> <p>Last week the company presented its <a href="http://www.theinvestor.co.kr/view.php?ud=20190808000658" rel="nofollow noopener noreferrer" target="_blank">results</a> from the second quarter. As per the report, their revenue grew 24.5 percent in the second quarter from a year ago to 733 billion won ($605 million). The operating profit is now at 40.6 billion won during the same period, that presents a rise from 26 billion won from a year ago. The net profit was up 37.8 percent on-year to 31 billion won.</p> <p>The better than expected results, which surpassed a consensus of 34 billion won in operating income estimated by local analysts, were backed by firm growth of both platform and content businesses.</p> </div> <div class="flownews_advertisement_content_banner"><!-- JuicyAds v3.0 --> <script async src="//adserver.juicyads.com/js/jads.js"></script> <ins id="640183" data-width="728" data-height="102"></ins> <script>(adsbyjuicy = window.adsbyjuicy || []).push({'adzone':640183});</script> <!--JuicyAds END--></div><span class="tags-links"><span class="screen-reader-text">Tags: </span><a href="https://cryptotimes.news/tag/blockchain/" rel="tag">Blockchain</a>, <a href="https://cryptotimes.news/tag/coinspeaker/" rel="tag">Coinspeaker</a>, <a href="https://cryptotimes.news/tag/cryptocurrency/" rel="tag">Cryptocurrency</a>, <a href="https://cryptotimes.news/tag/finance/" rel="tag">Finance</a>, <a 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} .flownews_advertisement_content_banner iframe { transform: scale(1); transform-origin: left top; } .box_advertisement { height: 240px; } .box_advertisement iframe { transform: scale(1.03 ); transform-origin: left top; } .flownews-banner-footer { height: 135px; } .flownews-banner-footer iframe { transform: scale(1); transform-origin: left top; } .adv-home-content { height: 103px; } .adv-home-content iframe { transform: scale(1); transform-origin: left top; } .adv-block-home { height: 250px; } .adv-block-home iframe { transform: scale(.95); transform-origin: left top; } .adv2-home-content { height: 103px; } .adv2-home-content iframe { transform: scale(.99); transform-origin: left top; }} /* 1280px */ @media only screen and (min-width: 1280px) { .flownews_advertisement_content_banner { height: 60px; } .flownews_advertisement_content_banner iframe { transform: scale(.98); transform-origin: left top; } .box_advertisement { height: 240px; } .box_advertisement iframe { transform: scale(1.03 ); 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