Kakao Corp, an internet giant from South Korea, has recently teased its newest product, a crypto wallet called Klip. According to the announcement, the wallet will be created by GroundX, one of the subsidiaries of the company.
The idea is to use the wallet in order to store Klaytn tokens, which were created by Klaytn, one of Kakao’s partners. The mainnet of the company went live two months ago and this is part of a move to make it more popular.
According to the teaser that was released on Kakao’s site, some partners of the initiative are News1 Korea, Pebble, Airbloc and the Spin Protocol.
The CEO of GroundX, Han Jae-Sun, has affirmed that the company already has over 50 million users from all over the world. These users will all have access to the wallet, which will be integrated into Kakao’s messaging app. This is seen as something that will certainly boost the effectiveness of the launch.
A recent report made during the launch of the Klaytn mainnet, the market value of the tokens based on Kakao’s technology is around $64.8 billion USD. Kakao is currently planning to have a total of 34 decentralized apps until the end of the year, too, which will boost its current numbers and market value.
An ICO On The Way?
There are some indications that Kakao may be planning another Initial Coin Offering (ICO). The company had its ICO a few years ago and it was able to get $90 million USD at the time.
Recently, however, Kakao announced that it was planning to raise $300 million USD more to develop Ground X’s token. Since the company has headquarters in Japan, that may be possible. Korea has an anti-ICO policy, so it would certainly be more difficult to have the sale there.