Kakao Corp appears ready to release crypto wallet Klip

It appears that Kakao Corp, the South Korean Internet giant, is about ready to move forward with their crypto wallet, Klip. This, according to a report by News1 Korea which reports that a teaser page discussing the wallet has been added to the “More” tab on its messaging app. The tab makes it clear that this will be the platform where users will eventually be able to access their crypto wallet using the application.

While few details have been offered, it is known that Kakao’s blockchain affiliate GroundX has been working on the digital wallet. They already help to manage user information and digital assets for the app and have been entrusted with the new Klip platform. This new e-wallet will be built using the native token Klayton blockchain which has been used across their platforms.

Kakao had been planning on combining a crypto wallet with their messaging app as far back as March of this year. The story was first reported by FNNews, which reported that the app would allow users the ability to conduct monetary transactions using their KakaoTalk app. This way, they were receiving a greater level of convenience while still maintaining the highest degree of security.

Currently, there are over 50 million global users of KakaoTalk according to the company. This is one of the primary reasons why it was felt that integrating the e-wallet with the popular messaging app made sense. It would ensure that the maximum number of people would have access to their cryptocurrency through an easy to use application.

It is expected that the Klip wallet will be accessible sometime during the second half of this year.

Now, Kakao appears to be focused on adding other applications to their platform. The company has already expressed that by October, they are hoping that 34 decentralized apps will be accessible through their platform. Kakao and its subsidiaries already have a combined market value of nearly $65 billion, and this integration of several additional platforms should only help to raise the value of the company substantially.

Kakao is also in the process of developing its own coin. The company has already raised $90 million in an initial coin offering to help develop Klaytn and is looking to raise another $300 million through GroundX to help in the final stages of development. This token is also expected to be available by the end of this year.

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