Korean Messaging Giant Kakao’s Klay Crypto, Running on Klaytn Blockchain, Gets First Listing On UpBit
The new token created by Kakao, the South Korean messaging giant, will be listed on its first platform shortly. This new asset, which is quite well-known in South Korea, will be listed on one of the main platforms of the country, Upbit.
Ground X, the Kakao subsidiary that develops the token, was the first to announce the event. Before the end of September, the Singaporean and Indonesian versions of Upbit will have the token listed.
Before the token is listed on the exchange, however, a price discovery via auction will be made. In this kind of event, the prices are reduced until the first buyers are found. The event is set to last for around 12 hours or until the hard cap of tokens is sold. Soon after the auction, the traders will get their tokens and trading will be enabled on Upbit soon.
According to Upbit, the company is not set to profit from the auction. All the money will be properly redistributed to users later on the road. However, Kakao has not officially explained to the press how the money will be used. It was revealed some time ago, however, that free token distributions would happen as promotional events.
The fact Upbit will trade Kakao’s Klay tokens is not surprising at all. The owner of Upbit, a company called Dunamu, is backed by Kakao, which means that both companies actually have close ties.
Curiously, though, the only exchanges to list the token are foreign. The token will be launched in Singapore and Indonesia, but not South Korea. Why? There are still more mysteries than answers, but the fact the country forbids token offerings could be the reason.