Fierce Competition Among Exchanges to Secure Distribution of Klay

Daybit begins the withdrawal of Klay, Kakao’s virtual asset..Fierce competition to secure distribution between exchanges

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Chain Partners (CEO Pyo Chul-min) listed Klay on the virtual asset exchange named Daybit operated by the company on 2nd. Klay is a virtual asset used in Klaytn blockchain developed by Kakao’s blockchain subsidiary called GroundX. Daybit has restricted the withdrawal of Klay for the time being to protect investors through securing liquidity due to the limited amount of Klay on the market.

Chain Partners announced on the 8th that it will be hosting a free gift of the Caspian (CSP) token, which will be listed for the first time in Korea next month, to customers who deposit and store Klay in June.

CEO of Chain Partners said, “There is not much circulation in the market, but Daybit starts to withdraw Klay to fulfill its role as a virtual asset exchange where free deposit and withdrawal is a source of trust. “We decided to provide high incentives worth up to 400,000 won to attract customers who deposit as much as those withdrawing money,” he added.

Klip, a virtual asset wallet that can exchange Klay, was introduced on KakaoTalk’s See More tab and has attracted a lot of attention even before launch. When the Klip is released, it is expected that KakaoTalk will attract the most users among domestic virtual asset wallets.

An official at Chain Partners said, “Caspian token is virtual asset currently trading at 4 won on the CoinMarketCap, and Daybit provides up to 100,000 Caspian tokens per person free of charge. It is worth 400,000 won at the current price.

He also said, “Daybit checks the amount of Klay held by users every Tuesday, Thursday, and Saturday from this week and gives 1 Caspian token per 10 Klay. If you continue to hold Klay on Daybit at the time of checking in June, you will receive 10 Caspian tokens per 10 Klay are given free of charge. All event tokens will be paid on July 3rd.”

Users can withdraw Klay on Daybit from June 9th. When withdrawal starts, customers can exchange Klay through other exchange or ‘Klip’. Daybit said that it had prepared this event to secure distribution of Klay since it is still in the early stage of transaction.

Coinone, which listed Klay, starts withdrawing Klay from noon on the 9th. Due to the limited amount of Klay in the market, completion for securing the amount of distribution between exchanges is fierce. GDAC will start free transaction fee event for Klay depositors.

Caspian token will be listed for the first time in Korea on Daybit next month. Caspian is an integrated virtual asset trading software for institution created by TORA, securities trading developer for financial institutions, and Kenetic Capital, a global virtual asset specialist. It has partners with global virtual asset exchanges such as BitMEX, Coinbase, and Gemini. The average monthly virtual asset trading volume in the first quarter of 2020 through Caspian was 5.5 trillion won, which is more than 1400% higher than the same period of last year.

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