12 Mar 2021 · 1 min read

Chat App KakaoTalk’s Crypto Wallet Now Has 0.75m Users

The South Korean chat app operator Kakao says some 0.75 million, or more than 1% of its users are now using its chat app-linked crypto wallet that was launched in June 2020.

The logo of the KakaoTalk chat app. Source: Adobe/Denys Prykhodov

Per a report from TechM, the service is firmly “en route to the 1 million-user mark,” although it still has a long way to go before it reaches the wider swathe of the South Korean public.

The KakaoTalk chat app has some 50 million+ total users, the vast bulk of whom are South Korea-based. Last year, the company’s blockchain arm, GroundX, unveiled the Klip wallet, which is compatible with its own klay token, as well as over 10 other tokens built on its Klaytn blockchain platform.

The wallet is directly accessible through a tab on the KakaoTalk interface.

And, in an interview with Hankuk Kyungjae, senior GroundX executives spoke of the company’s plans to “strengthen Klip’s functions” for both the “transaction and management of digital assets,” adding that it plans to “increase the types of assets supported.”

The wallet also supports a number of blockchain-powered digital certificates, such as those widely used for authentication in government and banking operations, as well as a range of non-fungible tokens (NFTs). The company said that it was also looking to expand its NFT services, with plans for a new app that would allow companies to mint their own NFTs.

And GroundX also revealed that it has been seeking to expand its “infrastructure” by strengthening its cooperation with Amazon Web Services (AWS).

The firm added that it is also keeping an eye on the decentralized finance (DeFi) space, and eyeing opportunities in the world of central bank digital currencies (CBDCs), perhaps in the vein of its partner LG CNS and the commercial bank Shinhan. The two companies this week revealed a joint pilot platform for a digital won – even though the central Bank of Korea is yet to commit to issuance.

Earlier this month, Kakao ran a promotional campaign for Klip users who invite a friend, giving away a total of 1.5 million klay tokens to users, and handing out thousands of limited edition Keith Haring-themed art NFTs to a selected few users.