Kakao’s recent 100,000 membership is an achievement but the number is just a fraction of what the South Korean company already enjoys in its chat app.
Kakao, a company belonging to South Korea, included a crypto wallet feature in its chat app and the result was tremendous. Within 24 hours, more than 100,000 new users joined the chat app because of the introduction of the new feature on June 3.
The crypto wallet is to support 11 cryptocurrencies. At the moment, 9 out of 10 people in South Korea have the chat installed on their devices but Kakao is going ahead to draw people from other countries.
With the Klip crypto wallet on Kakao Talk, users can have access to 11 digital assets. They are BOX, Pet (BPT), PIBBLE (PIB), ENT (ATT), Binz (BNS), Pixel (PXL), Insurium (ISR), HINT, Klay (KLAY), Cosm (COSM) and TEMCO,
Kakao Talk has a total number of about 50 million users. The registration of 100,000 new users only added 2% of what it used to be.
Klay tokens shared before the launch
Before the crypto function was incorporated to the chat app, a subsidiary of Kakao blockchain department known as Ground X offered 50 Klay tokens to a lot of people who were willing to try the app. At least 2000 people benefited from this.
The CEO of Ground X, Han Jae-sun was happy with the development as he said:
“It’s a great surprise, and I am very grateful for the public’s incredible interest and support.”
It is the CEO’s intention to create a more friendly crypto environment in South Korea and to encourage people to start using digital currencies.
Encouraging blockchain usage
Kakao wants to make an impact in creating a blockchain environment in South Korea. The company’s CEO in 2019 once said that their blockchain department (Klaytn blockchain) is big and could be likened to Libra of Facebook even though Klaytn blockchain was more robust.
The first time the public may have gotten a hint of the plan for Klaytn wallet was March 2019. At that time, the CEO of Kakao expressed optimism that the project would be successful on seeing that the company’s user base then was 40 million.