Kakao Eyes DeFi, Wants To Build Crypto Trading Ecosystem

Kakao eyes DeFi, speaking about its goals to build an ecosystem that will serve for trading digital assets as we are about to find out more in today’s blockchain news.

One of South Korea’s biggest tech companies said that it wants to enter the DeFi space for trading digital assets, during the forum hosted by a central government agency. The comments were made by the blockchain subsidiary of Kakao, Ground X, which operates the KakaoTalk chat app which is used by about 44 million South Koreans. The business empire comprises of an e-pay platform and banking as well as a newly released crypto wallet, Klaythn blockchain network, and even a tradeable crypto-asset Klay.

According to Fn News, Ground X business head Lee Yoon-ho talked at a fintech seminar hosted by the Korea Internet and Security Agency and said:

 “Our vision with Klaytn is to create a circular ecosystem where digital assets are held and traded.”

Lee hinted that the Klaytn platform was looking to expand its DeFi related interests which is a hint that Kakao eyes Defi and wants to jump aboard the lucrative decentralized finance train. Lee said:

“DeFi can contribute to the implementation [of the ecosystem]. I believe that the assets issued in the DeFi ecosystem can secure user trust and become practical with real-world usages as the frequency and volume of transactions increases on a global scale.”

The Klatyn executive added that gaining trust is the key to expand the DeFi market. He commented that DeFi and decentralized crypto exchanges have a huge potential to outperform centralized services in payments, loans, and exchange sectors. Lee spoke about Kakao’s plans to expand the scope of the Klip wallet allowing it to support a tokenized copyright-related documentation as well as coupons, goods, non-fungible tokens and bonds.
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He stated that the company intends to allow users to trade these assets on the Klatyn platform.

We are excited to welcome #HashQuark to join #Klaytn ecosystem. Check out the link! https://t.co/O9HpV510kV

— Klaytn (@klaytn_official) September 22, 2020

Klip was released at the start of the year and links directly to the KakaoTalk chat app interface. As we can now see, this wallet is compatible with the Kakao-issued Klay token which is the native coin of its Klaytn blockchain network.  Messenger is very popular in Asian countries.  The blog post announcing KakaoTalk shows that the company says that the wallet is also compatible with “a multitude of NTFs.”