According to a Korean news site, Kakao is going to launch its planned crypto wallet dubbed ‘Klip’ in the first half of 2020 via its GroundX subsidiary. Bae Sang-un, who heads the firm’s Klip Products Division, made the revelation at the Klyton Governance Council Summit 2019. He said that a roadmap for the launch of Klip would be released soon. Initially, the Klip was scheduled for release sometime in the second half of 2019. However, things didn’t pan out as had been expected. This was because there were issues with the stabilization of services.

About Klip

Using Klip, users of KakaoTalk, a messaging app, will be able to send and receive crypto from friends. Additionally, users will be able to manage their Kakao crypto holdings dubbed KLAY collected from various blockchain-powered services running on the Klaytn blockchain in one portal.

According to Sang-un, the Klip features high-level security features as well as a user-friendly interface as well as high speeds. They plan to release the Klip crypto wallet in the first half of 2020. Initially, it will be released as a Google Chrome and Firefox extension. However, they will later release it via an update to the KakaoTalk app and it will be located in the ‘More’ tab. He did not clarify whether it would launch on iOS and Android devices at the same time.

The Klip wallet will allow users to store tokens running on the Klaytn blockchain. Initially, it will only be offered to South Korean users. However, the company plans to release a global version of the wallet soon after that. Other features such as the ability to store NFTs and in-game items running on the blockchain will be added in the future.

Sang-un added that the company would focus on technological advancements, which will enhance performance and security. To develop these features, the company will carefully review feedback from users and as well as service partners.

About GroundX

GroundX is a subsidiary of Kakao. It oversees the company’s blockchain activities. The firm was launched with the goal of bringing the potential of blockchain technology to the real world. While the blockchain holds massive potential, most of it remains unexplored, but the firm intends to change all that. In the future, Kakao hopes to be a leader in the blockchain sector.

All of its projects are based on the proprietary Klaytn blockchain. The platform makes it possible to create real-world use cases for the blockchain on a large scale. Through this blockchain and the GroundX team, Kakao hopes to expand its blockchain services throughout Asia and the rest of the world.

Why Kakao Chose Japan

The reason why Kakao decided to launch GroundX in Japan is due to regulatory uncertainty in South Korea. For a while now, the nation has been blowing hot and cold when it comes to crypto. At some point, there had even been rumors that the nation could bank crypto entirely. While this did not happen, the regulatory risk was something that Kakao was not willing to take.

Image Source: Shutterstock

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

Leave a Reply

Your email address will not be published. Required fields are marked *

VF Newsletter

Get the VF weekly recap dropped right into your inbox!

You May Also Like

Philanthropist Bill Pulte to Help Africans With Bitcoin

Bill Pulte who has become famous for his act of generosity and…

How BSOV Token Price Can Benefit From Greater Mining Costs

The BSOV Token  With all the noise, scams, price fluctuations, and fake…
NULS Blockchain

veriTAG Leverages NULS Blockchain to Solve Asia’s Food Safety Problem

SAN FRANCISCO – August 27, 2020 – VeriTAG, a cloud-based tracking system…

Waves Ports High-Interest Yielding Stablecoin Neutrino USD to Ethereum Network

Paves Path for Decentralized Forex and Inter-Chain DeFi SAN FRANCISCO- August 18,…