South Korean internet company Kakao revealed that its KLAY token has been listed on Upbit Indonesia since September 26th, 2019, in a move seen as an attempt to tap into Indonesia’s sizeable unbanked population.
According to a report by Coin Revolution, KLAY is specifically designed for customers in Asia, addressing the unique characteristics of users in the region. As an archipelago nation with a significant unbanked population, the Indonesian market, in particular, is ripe for fintech solutions and cryptocurrency.
As stated in the company’s press release, the Klaytn platform was developed by Kakao’s blockchain subsidiary, Ground X, with its mainnet launched in June 2019. The company said its mission is to “trigger mass adoption of blockchain.” The platform has already collaborated with 52 service partners across various industries.
Upbit, on the other hand, is a cryptocurrency exchange operated by South Korean fintech firm Dunamu, with global exchanges in Singapore and Indonesia. After a crackdown on crypto exchanges in South Korea late last year due to reports of wash trading, Upbit shifted its focus to the Indonesian and Singaporean markets.
However, Upbit still has a presence in South Korea. Most market pairs include transactions made with the Korean won. Other than Bitcoin, more than 150 altcoin pairs are listed on Upbit.
The development of the KLAY token began in 2018, when Kakao announced that it is backing a blockchain project with its own native coin. Last year, a private token sale received US$90 million in investment, making possible the development of the token.
Kakao’s assets under management are worth over US$8 billion, with 400 million users of its KakaoTalk messaging app contributing stable revenue that can be used to support the KLAY token.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
Follow Asia Blockchain Review on:
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us