03 September, 2019
South Korea's Kakao is reportedly considering a possible listing of its token on cryptocurrency trading platform.
The company representative noted that their token can be listed outside South Korea. There are rumours that Kakao has selected two possible platforms to list Klay. In particular, the exchanges are located in China and South Korea.
It was highlighted that the decision to consider options beyond the country due to possible pressure from the government. Some market players believe that Kakao is a too big company in the Korean market, so Seoul is unlikely to pay no attention to the fact of listing.
The latest data released by the local regulator shows that Kakao has funds worth KRW 10.6 trillion ($8.8 billion). KakaoTalk application is used by more than 400 million people, though only 10% accounts for active users.
Last year, the company unveiled plans to launch a subsidiary called Ground X. The unit was designed to deal with blockchain. In March 2018 it also announced the launch of blockchain platform Klaytn.
The main net came on stream in June followed by an announcement of crypto wallet launch.
Notably, the company spokesperson commented that Klay would not be traded on platforms and would be used mostly by developers.