Kakao Set to Launch Its Crypto Wallet Klip in H1 2020

Kakao Corp., the parent company of South Korean messaging app KakaoTalk, is aiming to launch its cryptocurrency wallet platform Klip in the first half of next year, according to a BusinessKorea report.

The internet company’s intention to speed up the development process of its Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term wallet was revealed by Yeo Min-soo, co-chairman of the company, at the Klaytn Governance Council Summit held in Seoul on November 28.

Notably, the digital asset wallet platform will also support various decentralized apps, and the company is aiming to tap a larger market with its new services.

“Kakao has already launched KakaoCon, a blockchain-based point system, and the company is planning a variety of applications, including the use of blockchain technology for identification software,” Yeo said. “We will actively support Klip so that people can keep their Klay in the wallet and use the cryptocurrency in their daily lives.”

The task for developing the platform was given to GroundX, Kakao’s blockchain unit, which is expected to complete the process within the first quarter of 2020. The company is aiming to bring the crypto services to its existing messaging platform and will integrate the wallet within KakaoTalk.

“Now blockchain has begun to be technically and regulatorily discussed, but blockchain is still lacking in users or applications (apps). There is no killer service, so it is difficult to use in everyday life,” he added.

Crypto in social media

Kakao launched its blockchain project in June this year and now handling a daily transaction volume of 700,000. The company also raised $90 million earlier this year for its efforts to boost its blockchain initiative - Klaytn.

In its governing council, Klaytn has 27 members who are responsible for the decision-making process in the blockchain ecosystem.

“Currently, Klaytn’s expansion is centered in Asia, but it will gradually spread, in the end becoming the best global blockchain platform. To that end, we will not spare any investment and implore the Governance Council members to actively join in on the growth of our ecosystem,” Yeo said.