The IT company Kakao is integrating a crypto-wallet into its KakaoTalk messenger function. This should enable users to manage and send multiple cryptocurrencies and digital assets.

According to an announcement on June 6th, the Kakao Group has integrated a crypto-wallet called Klip into its KakaoTalk messenger. The 50 million users of KakaoTalk can now use 11 different cryptocurrencies and digital assets. The Kakao Group is a listed IT group from South Korea, which operates the Internet search engine Daum in addition to the KakaoTalk messenger.

Use of cryptocurrencies via Messenger

According to Kakao, Klip is to be connected to the Klaytn-Mainnet. This should increase the number of cryptocurrencies and digital assets that can be stored in the crypto-wallet. Users will be able to access the crypto-wallet via the KakaoTalk interface. This allows users to manage the digital assets they receive while shopping or playing online games, or send them to friends.

Kakao also considers itself to be well positioned in terms of security. The specially developed key management service from GroundX is to be used for securing private keys, which means that users do not have to manage them themselves. This is supposed to be a secure procedure and, according to GroundX, there are no concerns regarding loss or theft of the security key. GroundX is the blockchain subsidiary of Kakao. What is not mentioned here, of course: is that users give their keys to the company.

The crypto-wallet Klip is also a development of GroundX. The development serves here especially for the adoption of the use of cryptocurrencies. The functions of Klip include, for example, finance apps or blockchain-based online games in which users can use earned tokens. This also includes the company’s own KLAY token. Other tokens connected to the Klaytn-Mainnet are also available to users.

Further growth through own blockchain applications

The Klaytn-Mainnet is the company’s own blockchain application of kakao. The Kalytn-Mainnet is also a development of GroundX and was officially launched on July 1, 2019. To build a stable and secure blockchain, the Klaytn-blockchain uses the mechanisms „Proof of Contribution“ (PoC) and the „Klaytn Improvement Reserve“ (KIR). In addition, the participating economic institutions receive rewards in the form of KLAY tokens for stabilizing the network.