KakaoTalk Launches Crypto Wallet For Its 50 Million Users

The KakaoGroup from South Korea (which is operating the KakaoTalk chat app) launched long-awaited cryptocurrency wallet Klip. This is how the app provided most of the country with immediate access to 11 cryptocurrency assets and non-fungible tokens (NFTs).

As we can now see, this wallet is compatible with the Kakao-issued Klay token which is the native coin of its Klaytn blockchain network. As the crypto news show, here are 10 other tokens too which are issued by existing Klaytn partners and include:

1. Box (BOX)
2. BlockPet Token (BPT)
3. Pibble (PIB)
4. Hint (HINT)
5. Antube Token (ATT)
6. Temco (TEMCO)
7. Bitbns (BNS)
8. Pixel (PXL)
9. Insureum (ISR)
10. Cosm (COSM)

The blog post announcing KakaoTalk shows that the company says that the wallet is also compatible with “a multitude of NTFs.”

On top of this, the KakaoTalk chat app claims to have around 45 million monthly active users in South Korea. This is around 90% of the total population in the country, considering the fact that around 5 million people live overseas.

The cryptocurrency wallet will be named Kip and can be accessed via tab in the KakaoTalk interface. For those of you who did not know, KakaoTalk has been furnished with a KakaoBank e-banking solution and a KakaoPay e-pay tabs.

“In the second half of the year, Klip will be directly connected to Klaytn-based blockchain applications and following that, a native mobile application of Klip will become available to provide a seamless digital wallet service to users all over the world,” the company stated.

We can see that the post author added that the number of Klaytn-based coins and NFTs that will be supported in Klip will increase over time. Meanwhile, the Kakao blockchain subsidiary GroundX voiced their opinion in the blockchain news, stating that they aim to allow their millions of users to “experience digital assets.”

#Klip is finally here! Enjoy your first digital asset experience in KakaoTalk! #DigitalAsset #blockchain #Klaytn #GroundX https://t.co/UQB0DDrdcB

— Klaytn (@klaytn_official) June 2, 2020

One of the biggest rivals for Kakao now is the search engine giant Naver – the same that founded the Line chat app. Even though Line has made a lot of inroads in the domestic market, it has been a roaring success in Japan, a place where it launched its own licensed cryptocrurrency exchange along with the Dino wallet.