South Korean conglomerate Kakao is said to be planning on listing its cryptocurrency on two popular crypto platforms, one based in China and another ostensibly local exchange.
Reports have surfaced that the internet giant’s blockchain division, Ground X, is allegedly in discussions with two popular crypto exchanges on listing Kakao’s Klay cryptocurrency.
Kakao’s Issues with Klay
The two exchange platforms have not been specifically named, but an insider familiar to the happenings at Ground X shared that Kakao seems to have issues with listing Klay on a South Korean crypto platform.
The difficulty appears to stem from Ground X attracting mainly foreign investors to raise money for this project. Said investments were reportedly channeled through the company’s Singapore office.
Kakao is the largest internet company in South Korea and boasts of an almost 90 percent hold on its respective market. The firm’s KakaoTalk is one of the most popular messaging platforms in the world and boasts of around 400 million users.
The Japan-based Ground X has been operating Kakao’s initial coin offerings (ICOs) since South Korea prohibited ICOs back in September 2017.
Despite the limitations imposed by its own country, Kakao has been steadily working on adopting crypto technology. The internationally acclaimed company initially revealed its plans to generate $300 million via Ground X in 2018.
Last month, the company released a teaser for Klip, its upcoming digital currency wallet. The company is also set to introduce the app to 50 million KakaoTalk users around the world. The wallet will reportedly carry Klay and partner tokens Airbloc, Spin Protocol, and Pebble.