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Kakao to launch cryptocurrency wallet 'Klip' this year

Mon, 12 Aug 2019, 08:27 am UTC

South Korean messaging giant Kakao is going to launch cryptocurrency wallet “Klip” in the second half of 2019, TokenPost Korea reported.

As per the report, the company unveiled the teasing page of the crypto wallet under the ‘More’ tab in KakaoTalk.

Klip is a cryptocurrency wallet that is being developed by Kakao’s blockchain subsidiary Ground X. This marks the first time that Kakao has introduced the cryptocurrency wallet and its functions.

The wallet, which is equipped with blockchain technology, will reportedly support a number of services such as finance, games, and content. In addition, Klip will support the storage of KLAY and Klaytn-based cryptocurrencies.

Klaytn is a public blockchain platform being developed by Ground X. The platform mainnet was launched in June.

The wallet function will be reportedly added to KakaoTalk, meaning that users would be able to easily manage their digital assets through the mobile app with the need to install a separate app. According to the official website, Klip will allow sending and receiving digital assets in real-time.

Local news outlet News1 quoted a Kakao official saying (via online translation):

“Klip has released a teasing site ahead of its release in the second half of the year."

Earlier this year, Ground X raised $90 million in a private coin offering that saw participation from IDG Capital, Cresendo Equity Partners, and Translink Capital.

TokenPost | [email protected]

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