South Korea's Kakao Muses Over Domestic or China Listing for its Klay Token

Neil Dennis

South Korean conglomerate Kakao is reportedly considering between two exchanges - one Chinese, one Korean - upon which to list its 'klay' cryptocurrency.

Korean news service News1 reported that primary among the criteria to be considered is the South Korean government's stance on cryptocurrencies. It banned initial coin offerings in 2017 and has made it difficult for exchanges to operate within the country's financial services industry, so it is not easy for customers to withdraw funds in fiat currencies.

A source, quoted in the News1 report suggested that Kakao was too big a company to ignore and that the government would likely make it difficult for the company to trade its cryptocurreny domestically.

U-Turn

A Chinese exchange, therefore, may be preferable for the company, which operates in several different business sectors including telecoms, payments, venture capital, commerce and gaming. But it appears that the decision to list is something of a U-turn for the company.

Kakao, which has its own blockchain venture called Ground X, was initially to have only used the klay cryptocurrency as a utility token for developers seeking to access Ground X's Klaytn public blockchain platform.

Bitcoin Whale Reportedly Risks 800 BTC for $0.01 Payout in Dogecoin

A bitcoin whale has supposedly risked a total of 800 BTC, worth around $5.8 million, to help the cryptocurrency remain at the $7,200 mark in a bid to win a bet he made on social media.

A Twitter exchange between Dogecoin supporter Samu and bitcoin whale Joe007 shows that both agreed to bet on bitcoin’s future price, with Samu agreeing to pay 5 million DOGE (around $11,000) to the whale if BTC traded above $7,100, and the whale agreeing to pay Samu the same amount if it was below $7,100 at 13:00 UTC on December 12.

The BTC whale ended up winning the bet as the price of the flagship cryptocurrency didn’t drop below the agreed-upon mark. Some of those watching the thread, however, noted that something seemed to be going on before the bet’s deadline expired.

The bet was made according to the price of the Bitfinex cryptocurrency exchange, and a trader soon alleged on social media the BTC whale could’ve placed an 800 bitcoin order to “defend” the $7,200 so the cryptocurrency’s price wouldn’t dip.

While it isn’t possible to tell whether Joe007 was the one behind the 800 BTC order, the whale seemed to warn Samu before the bet was made that he was extremely confident he was going to win, tweeting out “you really don’t want to make this bet, believe me…”

After the deadline the posts suggesting market manipulation came out so Samu said he “got revenge” on the bitcoin whale cheating, by offering to pay him only 6 DOGE, currently worth about $0.013.

The Dogecoin addresses Joe007 showed as the destination for the funds currently has little over 10,000 DOGE in it, worth close to $22. Some argued Samu should have paid the funds as no terms were defined in the bet, while others agreed with him.

Featured image via Unsplash.