Kakao to Launch 'Immensely Easy' to Use Crypto Wallet in H1 2020

Francisco Memoria

South Korean messaging giant Kakao is reportedly looking to launch its cryptocurrency wallet Klip in the first half of next year, as it plans to speed up its development.

Speaking during the Klaytn Governance Council Summit in Seoul, Kakao’s co-chairman Yeo Min-soo revealed the company’s plan to launch the ‘immensely easy’ to use cryptocurrency wallet next year, and to actively support it so “people can keep their Klay in the wallet and use the cryptocurrency in their daily lives.”

Yeo said:

Kakao has already launched KakaoCon, a blockchain-based point system, and the company is planning a variety of applications, including the use of blockchain technology for identification software.

Klip is being developed by GoundX, Kakao’s blockchain unit, and will be added to the messaging giant’s other services after being released. As CryptoGlobe reported, the wallet will support the firm’s native cryptocurrency Klay and other tokens based on the Klaytn blockchain.

The wallet is reportedly going to use a unique account system allowing users to “access the wallet with a simple passcode,” while still giving them access to their own private keys. The wallet will also support decentralized application and non-fungible tokens (NFTs).

During the Klaytn Governance Council Yeo added blockchain technology is “still lacking in users or applications” as there’s “no killer service, so it is difficult to use in everyday life.” Kakao’s blockchain project is said to already have a large daily transaction volume. The Klaytn blockchain is governed by a council with 27 members in it, including Binance.

Featured image via Unsplash.