Kakao’s Klay Cryptocurrency Soon to Make First Official Exchange Listing on Upbit’s Platform

Recently, South Korean messaging Icon Kakao’s “KLAY” token, the local cryptocurrency, launched on Klaytn blockchain, is on its way to make its first official trade listing on Upbit’s platform. Upbit is the cryptocurrency exchange, managed by South Korean fintech firm, Dunamu. Besides supporting the trading of more than 150 crypto resources, Upbit functions in worldwide exchanges in Singapore, Korea, and Indonesia. Further, Upbit is an accomplice of the U.S based trade, Bittrex.

Precisely, Klaytn is a worldwide public blockchain platform created by Ground X, the blockchain auxiliary of the Most Influential South Korean Internet organization, Kakao. Klaytn is a service-driven blockchain platform giving an intuitive development environment and friendly client-based experience. To commemorate the KLAY listing, Upbit is organizing a social media event to campaign for KLAY airdrop to give away a sum of 5,000,000 KLAY.

In its recent declaration, Upbit said that in a private deal in 2018 December, Klay was valued at 0.03 dollar per unit. Afterward, in 2019 April, another private sale saw the cryptocurrency reach 0.08 dollar each. Ground X allegedly brought 90 million dollars in a private coin offering this spring.

The firm which was set up by Kakao to develop the Klaytn framework, Ground X reported the news in a recent blog post, stating that Klay will list on Upbit’s Indonesia and Singapore platforms before the end of this month. Moreover, the news that Upbit is the leading platform to list Klay may be unexpected, given the close relationship between the two elements. Upbit, headquartered in South Korea, is a crypto exchange managed by Dunamu, a firm supported by Kakao.

Recently, Upbit Singapore declared that Klay would be listed after price revelation through a Dutch sale, in which the cost is reduced until purchasers are found. The sale will keep running for 12 hours, or until a yet-to-be-resolved hard cap, is achieved. Furthermore, active bidders will receive their klay later. A Klay or bitcoin exchanging pair will be empowered at a later date.

Also, the exchange stated that Upbit and Klaytn wouldn’t benefit from the sale, and Upbit will “redistribute all proceeds” to clients in the future. Additionally, it said a sum of 10 billion Klay would be distributed till 2021 in a month to month allotments extending from 29 million to 278 million tokens.

Over and above, it might appear to be surprising that Klay is launching in Indonesia and Singapore first, and not in the home country of Upbit and Kakao. However, the listing declaration pursues press reports proposing that Klay would experience difficulty in listing in South Korea, where initial coin offerings are illegal.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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