Kakao’s KLAY token is now trading with a South Korea won pairing despite the country’s restrictions on ICOs.
South Korean tech giant, Kakao, listed its Klaytn blockchain-issued Klay (KLAY) token via a local cryptocurrency exchange on June 5. This news follows their launch of a new crypto wallet feature in KakaoTalk earlier the week.
After registering over 100,000 users thanks to their new crypto-related features, Tech M reports that Kakao reached an agreement with Coinone to list its KLAY tokens. A Klay-South Korean won pairing is now live trading in one of the top four crypto exchanges in the country.
ICOs are still illegal in South Korea
The move is significant for Kakao, considering that initial coin offerings, or ICOs, remain illegal in South Korea. This forced the company to list KLAY in Singapore and Indonesia-based branches of local exchange, Upbit.
Given Seoul’s stance on the cryptocurrencies market, many companies in the country have been seeking partners abroad to launch their tokens on exchanges.
Kakao’s blockchain ventures
Kakao previously launched its own blockchain platform, Klaytn. Due to circumstances that are still unclear, however, they were unable to expand the rewards-driven virtual asset-based services.
The internet giant’s plans to integrate the Klaytn wallet in its messenger app date back to March 2019. At the time, the CEO highlighted the potential within his then-40 million user pool. The app now boasts approximately 50 million users.