South Korea`s Kakao May Place its Klay Cryptocurrency on the Chinese Exchange

South Korea`s Kakao May Place its Klay Cryptocurrency on the Chinese Exchange

South Korean company Kakao plans to place its cryptocurrency on the exchange, but it may not be able to trade it inside the country – the Korean News1 service said.

While the company is currently looking for two exchanges for possible Klay trading – one in China and the other in Korea, the government may prevent it from choosing a platform in their country.

According to the latest data from the Fair Trade Commission, Kakao is the 36th largest conglomerate in the country with assets of 10.6 trillion won ($8.8 billion). The company does everything from finance to entertainment. KakaoTalk instant messaging application has over 400 million users, only about 10% of them are considered active though.

Ground X – a subsidiary of Kakao – is developing a Klip wallet that will support Klay and will be integrated into KakaoTalk.

The Korean government is concerned about crypto protection in the country; in September 2017, ICOs were banned on the territory of the state. They are quite biased towards the cryptocurrency industry, so, most likely, even a giant like Kakao may have some difficulties with launching its own product.

Kakao representatives said that the official presentation of the Klip wallet will take place in the IV quarter of this year.

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