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.

Derivatives Trading Platform Synthetix (SNX) Is up Over 5,000% Since 2019

Michael LaVere
  • Derivatives trading platform Synthetix is the best performing DeFi product since April 2019.
  • Synthetix's native token SNX has appreciated more than 5000 percent over the last two years. 

The little-known crypto-asset Synthetix (SNX) is the best performing decentralized finance (DeFi) project of the past two years. 

According to a tweet published by popular crypto analyst Alex Saunders, SNX has been the best performing DeFi asset since April 2019. Saunders claims that Synthetix has appreciated 5000% over the past two years and was one of the top two ETH-based projects he has been following since Edcon Sydney 2019. 

SNX’s price took off in June, from $0.79 at the start of the month to its current trading price of $2.73, representing a 245% increase. 

Synthetix is a derivatives trading platform built on the ethereum blockchain that allows users to trade on stocks, crypto and other commodities. Users are required to exchange bitcoin or ethereum for SNX tokens in order to participate in trading. 

The exchange’s native token can be locked as collateral to produce “synths” such as a synthetic U.S. dollar (sUSD), which in turn can be used to place bets on rising and falling asset prices. 

Synthetix also operates a reward program, where users of the exchange can stake their SNX tokens as collateral in order to receive additional benefits.

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