BTC $48461.37 (2.22%)
ETH $3499.00 (1.27%)
USDT $0.99 (-0.0%)
BCH $634.99 (2.67%)
BSV $157.81 (-1.3%)
LTC $182.17 (0.84%)
BNB $417.53 (1.99%)
ADA $2.39 (1.52%)
DOGE $0.24 (0.76%)
BTC $48461.37 (2.22%)
ETH $3499.00 (1.27%)
USDT $0.99 (-0.0%)
BCH $634.99 (2.67%)
BSV $157.81 (-1.3%)
LTC $182.17 (0.84%)
BNB $417.53 (1.99%)
ADA $2.39 (1.52%)
DOGE $0.24 (0.76%)

Kakao’s Global Digital Asset Platform to Combine Blockchain and DeFi

Kakao’s Global Digital Asset Platform to Combine Blockchain and DeFi
  • Kakao’s Global blockchain entity Ground X presented its plan to issue various digital assets on its public blockchain Klaytn.
  • Assets will be stored and traded on KakaoTalk’s crypto wallet Klip.
  • “DeFi can contribute to the implementation,” says Ground X Business Team Leader.
  • Securing trust in DeFi is the key to expanding its market.

Kakao’s blockchain entity Ground X presented its plan to issue various digital assets on its public blockchain Klaytn. This will allow the converted real assets to be stored and traded on KakaoTalk’s crypto wallet Klip.

Kakao Ground X Platform Business Team Leader Yunho Lee led the presentation within a fintech trend seminar hosted by the Korea Internet & Security Agency (KISA).

Klaytn Blockchain to Become a Global Digital Asset Platform

Kakao has been paving its way into blockchain innovation. In 2019, Klaytn’s mainnet was launched by Ground X. As stated on its updated position paper,

Klaytn’s mission is to become the first blockchain solution to bring blockchain mass adoption to the world.

Staying true to its mission, the South Korean messaging app giant’s Ground X team revealed its plan to issue various digital assets based on Klaytn this year. These assets will be issued, stored, and traded on KakaoTalk’s crypto wallet Klip.

By building an integrated digital asset ecosystem with blockchain-based DeFi services, real assets can be digitized easily and securely.

Manage Digital Assets on KakaoTalk’s Klip Wallet

Launched earlier this year, Klip went live on June 3, supporting 11 crypto assets. It is linked directly to the KakaoTalk chat app interface, making it accessible to all the users.

Team Leader Lee mentioned in his talk that aside from cryptocurrencies such as its native token Klay, they will expand the range of digital assets that can be supported through the crypto wallet.

As per Lee, they are working on allowing support for tokenized copyright-related documentation, as well as bonds, derivatives, coupons, goods, and non-fungible tokens (NFTs). In line with Klaytn’s vision to create a circular ecosystem for digital assets, he explained that “DeFi can contribute to the implementation.”

“Trust” Will Expand DeFi Market

With the growth of the DeFi market being the talk of the town nowadays, Team Leader Lee pointed out that “securing trust in DeFi” is the key to expanding its market. Remarkably, the DeFi’s market value has reached the $9 billion mark.

He even suggested a global strategy:

I believe that the assets issued in the DeFi ecosystem can secure user trust and become a product that can make a proper practical use case as the frequency and volume of transactions increase globally.

As more investors embrace the potential of DeFi, particularly its promising yield farming opportunities, he also predicted that this booming industry may push decentralized financial services to replace centralized services.

Despite this, building trust among end users and crypto investors in the long-term remains to be the challenge within the DeFi space. Once security flaws and exit scam scares are reduced, DeFi might earn the confidence of the public later on.

An aspiring journalist who spills her ideas in cryptocurrency and blockchain-related matters. With her background in Communication and Journalism, she is more inclined to write about reality than fiction.