100k+ Chat App Users Opt in to KakaoTalk’s New Crypto Wallet in 1 Day

100k+ Chat App Users Opt in to KakaoTalk’s New Crypto Wallet in 1 Day 101 Source: Adobe/Denys Prykhodov.

South Korea’s Kakao says that over 100,000, or around 2% of the users of the chat app KakaoTalk have already triggered the app’s new crypto wallet function– less than a day after the wallet went live.

As formerly reported, KakaoTalk’s Klip wallet went live on June 3, with support for 11 cryptoassets. The chat app operator declares that around 90% of the South Korean population utilizes the app, whose wallet can be accessed via a tab in its user interface.

Ground X, Kakao’s blockchain subsidiary, and the operator of the Klaytn blockchain network, had actually used 50 of its Klay tokens to thousands of early riser wallet adopters on a first- come-first- served basis. The business had actually prepared to run the event up until early next month, however says all of its free gifts have actually now been declared.

Per E Daily, Han Jae-sun, CEO of Gound X, specified,

“It’s a great surprise and I am very grateful for the public’s incredible interest and support.”

Han assured even more “digital asset” free gifts in the future.

Nevertheless, the free gift will doubtlessly open up an interesting dilemma for Kakao. Klay remains unlisted in South Korea, where preliminary coin offerings (ICOs) remain unlawful. Klay was released in Singapore, hence avoiding the ICO issue, however no significant South Korean token company has actually yet taken pleasure in extensive success in the nation with an overseas- ICO token.

A more issue is that Klay is not currently noted on any South Korean exchange. In fact, it has actually just been noted on the Singapore- and Indonesia-based branches of South Korean exchange Upbit

Upbit is connected to Kakao, as a lot of of the former’s executives are former Upbit staff members, and the chat app operator has actually invested in the exchange.

Regardless, in spite of consistent reports of an impending Upbit Korea listing for Klay, this is yet to emerge.

This, in effect, has actually led to a circumstance where thousands of South Koreans have actually now ended up with a locally unlisted altcoin in their accounts.

Big South Korean business are apparently growing significantly crypto-keen, and are growing disappointed with Seoul’s position on cryptocurrencies, leading them to look abroad for partners. Hyundai has already launched a token in Europe via its Hdac subsidiary, while an LG-developed token is in advanced pilots.

The fate of Kakao’s crypto endeavors, its new wallet and its Klay token will likely be a litmus test for the future of big business- backed tokens across the country.

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