Kakao, a large South Korean messaging platform, is reportedly planning to launch its own cryptocurrency wallet. The wallet will be “immensely easy” to use and supports, among other things, the company’s native token, Klay.
The new wallet, called Klip, is being developed by Kakao ‘s blockchain subsidiary, Ground X. According to the local media platform News1 Korea, the wallet will be launched sometime in the second half of this year.
Users can log in to the wallet service via their Kakao profile and send crypto to each other very easily. Klaytn, the developer of the Klaytn blockchain from Kakao, states in a Medium article:
Once you log in to Klip with your social network profile, such as your KakaoTalk ID, you can receive and send digital assets to your Kakao friends. Furthermore, you do not have to write down a complicated private key.
By giving users the option to log in with their KakaoTalk ID, it is no longer necessary to have a private key at hand. However, users continue to have access to the private key of their wallets.
In addition to the Klay token, “CPT, HINT, CRE, COSM and more” will also be supported by the wallet. In the article on Medium, the company states that the wallet “protects our digital assets” and “is immensely easy to use.”
In addition to these altcoins, so-called non-fungible tokens ( NFTs) will also be supported. These are, for example, crypto collection objects such as CryptoKitties.
By integrating Klip with Kakao’s messaging service, more than 50 million users get access to a cryptocurrency wallet in one swoop. It is therefore expected that the launch of the wallet will further increase the adoption of cryptocurrencies.