Messaging Giant Kakao to Launch 'Immensely Easy' to Use Cryptocurrency Wallet

South Korean messaging giant Kakao is set to later this year launch an “immensely easy” to use cryptocurrency wallet called “Klip.”

According to local news outlet News1 Korea, the cryptocurrency wallet will be released in the second half of this year, and Kakao has already set up a page teasing its upcoming launch. Behind the wallet’s develo0pment is Kakao’s blockchain subsidiary Ground X.

The wallet itself will support the company’s native cryptocurrency , “Klay,” as well as other tokens based on its “Klaytn” blockchain, as well as decentralized applications related to financial services and games.

In a Medium post KJlaytn added the Klip wallet will support tokens “such as CPT, HINT; CRE, COSM, and more.” The post touts the wallet “safeguards our digital assets,” and is “immensely easy” to use. It reads:

Once you access Klip with your social network profile, especially your KakaoTalk ID, you send and receive digital asset with your Kakao friends. Further, you do not have to jot down your cryptic private key.

Per the post, the wallet will be using a unique account system that’ll allow users to “access the wallet with a simple passcode” while still giving them access to their own private keys, so they can control their own funds.

The wallet, it adds, will also support other types of digital assets, including non-fungible tokens (NFTs). These are tokens issued on a cryptocurrency’s blockchain, with one good example of them being CryptoKitties.

Kakao’s move notably comes months after it was revealed South Korea’s government was looking to review its restrictive cryptocurrency regulations, in a move that could see it support the industry’s growth. Crypto trading volumes in the country have been rising this year, with peer-to-peer exchange LocalBitcoins seeing an all-time high back in May.

Featured image taken from Kakao's wallet page.