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South Korea’s Major Adoption of Cryptocurrency – Use KakaoTalk as Crypto Wallet

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KakaoTalk is a mobile instant messaging app like Whatsapp, WeChat, Line. It was launched on March 18, 2010 and is currently available on iOS, Android, Windows and macOS.  They operate in 230 countries in 16 different languages with user-base of 50 million users globally. KakaoTalk is the #1 msg app in South Korea. 

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KakaoTalk’s subsidiary company, GroundX, launched Blockchain platform “Klaytn” and its crypto-wallet, KLIP on June 3, 2020.

     

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This Crypto wallet is integrated with KakaoTalk app, you don’t even need to install additional application. Sadly, KLIP is only available in South Korea at the moment.

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With KLIP, user of KakaoTalk can send crypto as they would transfer cash to their friend through KakaoTalk app (no need to add recipient as a friend as long as you know that person’s wallet address, and money transfer is exclusive feature in South Korea). When user registers for KLIP through KakaoTalk ID, they received 50 KLAY , Klaytn Network based token as airdrop. GroundX has plans to add more conventional crypto like Bitcoin, ethereum on their platform through future update. 

 

 

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There’s no transaction gas fee for sending tokens that are minted by GroundX.  Also, GroundX has ambitious plans to add more features like utilizing NFT(Non-fungible token) as SNS game item, or ticket for live concert. I can’t wait to see them expanding their service in other countries.  

 

  

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