South Korean Giant Kakao Rolls Out Crypto Wallet App Klip

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In Brief
  • Klaytn debuts a crypto wallet called Klip.

  • Klip will support human-readable addresses as well as 11 Klaytn-blockchain tokens.

  • 50 million users will now potentially have access to crypto transactions from their KakaoTalk account.

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Klaytn, the blockchain platform developed by South Korean conglomerate Kakao, has just released a crypto wallet.

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The company announced the news via a Medium post published on Wednesday. According to the announcement, the wallet named Klip will support Klaytn’s native token KLAY and ten other Klaytn-based virtual ‘coins’ as well as numerous other non-fungible tokens (NFT).

Klaytn’s wallet potentially exposes crypto to its over 50 million subscribers who can use their KakaoTalk accounts as human-readable addresses to send and receive cryptocurrencies.

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The statement revealed that these transactions would come at no additional cost. The newly created wallet also joins Kakao’s suite of e-payment and e-banking solutions.

As part of the announcement, Klaytn also revealed plans to debut a native mobile app with key management service. The news is rather timely, considering that the South Korean national assembly recently passed clear-cut regulations for the growing industry.

Kakao, like other significant conglomerates in the country, is heavily involved in the crypto and blockchain space. Back in March 2019, the company raised $90 million for the development of the Klaytn blockchain network.

As previously reported by BeInCrypto, Kakao has been searching for a “killer app” that uses blockchain in the financial market.

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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

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