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South Korean internet company Kakao is allegedly looking into listing its cryptocurrency Klay on a Chinese exchange, CoinDesk reported citing local media outlet News1 Korean.
As per the report, the company wants to list on two exchanges for the possible trading of Klay, one in China and one in Korea. It appears that the government may prevent it from choosing a domestic platform.
Citing an anonymous official with knowledge about the matter, the report noted that Kakao is too big to disregard and it would be challenging to permit the trading. Notably, Kakao is the 36th biggest conglomerate in South Korea, with 10.6 trillion won ($8.8 billion) worth of assets.
The South Korean government has been anxious about crypto trading, banning initial coin offerings in September 2017. It also introduced the real-name system for cryptocurrency accounts in January 2018, which made it difficult for many exchanges to open bank accounts. The report suggested that although some gray area activities have been permitted, it will be hard for authorities to ignore Kakao.
As previously reported, an estimated 97% of cryptocurrency exchanges in South Korea are on the verge of bankruptcy because of low transaction volumes. Thus, many local crypto startups have begun putting their chances at stake overseas, listing their cryptocurrencies on international exchanges including the United States and Singapore.
Meanwhile, Kakao is slated to roll out its cryptocurrency wallet “Klip,” being developed by its blockchain arm Ground X, in the second half of the year. The blockchain-based wallet will reportedly support several services, including storage of Klay and Klaytn-based cryptocurrencies.
