Posted 1 year ago | by Ben Armstrong
Kakao’s Upcoming Crypto Wallet to Support Blockchain Apps and Klatyn Based Tokens
Recent reports stated that Kakao’s upcoming crypto wallet, Klip, would support Blockchain apps and tokens based on their Klaytn Blockchain. The much-anticipated release will happen in the first half of 2020. Kakao’s Blockchain subsidiary, GroundX, had in August 2019 announced Klip and a plan to launch it by the end of the year.
Klip Standalone Version
Following the launch of Klip, GroundX will also launch a standalone version of the wallet. This was confirmed by Kakao’s co-CEO Yeo Min-soo during a meeting of the governance council for the Klaytn Blockchain.
Prior to the official launch, a limited-feature browser extension of the will be released. The extension will offer basic crypto storage and trading.
Klip joins a number of fully featured crypto wallets that may make more sense for some token users than centralized exchanges, especially if a person is nervous about the recent hacks, and other issues that some exchanges have been experiencing.
Introducing Users to Blockchain-Based Services
The extension will be named Kaikas and will function with browsers such as Google Chrome, Firefox and Opera, The limited feature browser extension will be aimed at experienced cryptocurrency users.
Klip’s main aim will be to introduce new users to Blockchain based services, claimed Yeo Min-soo. The wallet not only support Kakao’s Klay token but also KRC-20 related tokens and Blockchain apps. The co-CEO went on to further confirm that the wallet will support methods of logging into social media sites.
Klip Limited Initial Release
Klip will initially be restricted to the South Korean market with plans to open it up to the global scene in the second half of 2020. Kakao has the aim of seeing the wallet app get widely used in day-to-day life. The company confirmed that it would avail Klay tokens directly in KakaoTalk via the Klip wallet.
The trading and storage of in-game items and crypto collectibles will be added later on in stages. It remains to be seen how to the Korean crypto market will react to the launch. With the rise in issues at major exchanges, wallets may gain in popularity.
Unlike depositing tokens at an exchange, wallets like Klip will allow users to have direct control over their private keys, which helps them avoid custodial issues. While there is no perfect system for storing cryptos, the rise in wallets may point to a shift in the crypto sphere.