Kakao is looking towards it Asian compatriots, China, to have its native token listed on an exchange, it has been revealed this week.
South Korean internet company Kakao has found it difficult to list its KLAY token on exchanges within its home country, so now it has turned to an unnamed Chinese exchange to list it.
The news came from local news daily News1 Korea on Aug. 31 who claimed that Ground X, the blockchain subsection of Kakao were in talks with a Chinese exchange.
The move to China has come about due to Klay’s difficulty to get it listed in South Korea. The shunning from Korean exchanges is due in part to Ground X’s investment from overseas from its office in Singapore.
Not only that but the company feels it is safer. Business insider has claimed that 97% of the Korean exchanges are on the verge of bankruptcy and facing a crisis due to low trading volumes. Alongside this, South Korea has also threatened strict regulations.
Who is Kakao?
Kakao is one of the leading internet companies. The South Korean conglomerate business has a range of entities from finance to technology and with assets over $8.5 billion dollars its dominance in the market is clear.
With 90% dominance in its market, the move into the cryptocurrency field is certainly going to be game-changing. Yet it has seen many difficulties. The first being the banning of Initial Coin Offerings (ICOs) in South Korea. This has not stopped Kakao in its crypto pursuit.
This is not the first foray into the crypto field for Kakao. The company is looking at creating a crypto wallet called Klip. The wallet will work alongside their apps, and open cryptocurrencies to 50 million global KakaoTalk users. The coins will be Klay and the secondary tokens being Airbloc, Pebble and Spin Protocol.