Kakao’s New Crypto Wallet Surpasses 100K Users

Kakao’s New Crypto Wallet Surpasses 100K Users

Last updated on November 1st, 2022 at 01:06 pm

South Korea’s messaging giant Kakao says more than about 2% of the Kakao Talk app users or about 100,000 have signed up for the new crypto wallet function offered in the app. According to the firm, the 100K mark was crossed only a day after rolling out the new Crypto Wallet.

As reported initially, the Klip wallet was launched on June 3, as the portal offers support for 11 crypto assets. According to Kakrao, almost 90 percent of the entire population of South Korea utilizes the Kakrao talk app, so hopes are high for this cryptocurrency wallet as the wallet can be reached easily through a tab in its interface.

Ground X Rolled Out Giveaways

The operator of the Klaytn Blockchain Ground X, which also doubles as Kakrao’s subsidiary, recently gifted thousands of the crypto wallets early adopters with 50 of its Klay tokens. The bonus was given on a first-come-first-serve basis.

Initially, the plan was to keep giving this gift out until early next month. However, the company says it has exhausted the giveaways and everything has been claimed. But, the Ground X says it will offer more digital asset giveaways in the future.

Klay Still Unlisted in South Korea

With this massive awareness through giveaways, it has now brought the attention back to the underlying problems of Kakao. Up until now, the Klay has not been listed in South Korea because it’s still illegal to float an initial coin offering (ICO) in the country.

In a bid to sidestep the issue of ICO in South Korea, Kakao rolled out Klay in Singapore. However, the Singapore Klay has not enjoyed success, which is a problem shared by other South Korean token issuers. To date, no major South Korean issuer has been successful with an overseas ICO token.

Another major problem, which may be the biggest, is the fact that Klay does not have any listings in any South Korean exchange. The only platform where it is listed is on the Indonesian and Singaporean branches of the South Korean exchange, Upbit.

The exchange has a link with Kakao. Most of the executives at Kakao were former employees at Upbit, so it seemed the executives will bring in their experience working with Upbit to grow Kakao.

Although there have been constant rumors of a looming listing of Klay on Upbit Korea, it has not materialized. The result of this had led thousands of South Koreans now having the altcoin in their accounts, even when it has not been domestically listed.

Korean Companies Push For More Crypto Deals

Several major South Korean firms are increasingly having more interest in cryptocurrency. Some are beginning to get frustrated over the decision of the South Korean government on cryptocurrencies.

As a result, they are keen to partner with crypto-based firms abroad. LG’s crypto token has reached an advanced stage, while Hyundai recently rolled out its token in Europe through the Hdac subsidiary.

Kakao is the largest internet conglomerate in South Korea, with subsidiaries like KakaoStock, KakaoStory, KakaoTaxi, KakaoPay, and KakaoTalk.

The South Korean government has not given companies green light over cryptocurrency yet. But the fact that the most widely used app in the country is pushing for the adoption of crypto/blockchain is big news for mainstream adoption. And with the market share this company has, it won’t be long before South Korea stays at the forefront of mainstream crypto adoption.


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