Kakao Launches the First Version of Cryptocurrency Wallet ‘Klip’

The first version released in June is not compatible with BApps, but Klip will support this later BApp partners expect for ‘Linking with Klip’ The first version will support Klay and some KCTs

GroundX, a blockchain technology subsidiary of Kakao, will release a cryptocurrency wallet called ’Klip’. BApp (Blockchain Application) partners of ‘Klaytn’, the blockchain platform of GroundX, are trying to add their cryptocurrency to the Klip. However, it will take some time to use the BApp and Klip together since the first version of Klip released in June will not work directly with the BApp.

GroundX is developing a digital asset wallet named Klip that is compatible with KakaoTalk with the goal of launching in the first half of this year. Klip will be released as a web application version that works with KakaoTalk, and will also be launched as a mobile application version. One of the goals of Klip is to be a channel to introduce Klaytn-based blockchain services. To achieve this, partners who develop Klaytn-based services must link their own services and Klip, and add their cryptocurrencies to Klip.

Therefore, partners are discussing to link their own services and Klip, but Klip released in June cannot be linked with BApps. Klaytn will gradually support interworking with BApps in other versions of Klip launched after June.

The countermeasures by partners

The partners said that they will develop the services in consideration of interworking with Klip. The release of Klip has been postponed four times, and the interworking service with BApps has been delayed. Therefore, some partners had difficulties in service development, but they are still looking forward to the release of Klip.

Companies that have already introduced tokens into their services and completed the token swap based on KCT, the standard of Klaytn’s token issuance, are waiting for the interworking between Klip and BApp.

HINTchain, Klaytn’s primary BApp partner, said that if it is possible to interwork with BApps, Haemuk, its own service, will be directly linked to the Klip. Jeong Ji-woong, CEO of HINTchain said, “The detailed schedule will be different depending on Klaytn.”

Haemuk is a cooking recommendation app that has 3 million users, and the users can use HINT, a cryptocurrency of HINTchain on the app. ‘HINT membership’, which uses HINT in the offline restaurants, will be integrated with Haemuk in the third quarter. Users will be able to use HINT obtained in Haemuk at the HINT membership affiliated store and manage it with Klip.

HINTchain has announced the launch of new service and emphasized interworking with Klip. HINTchain, which recently released the beta version of ‘Haemuk Life’, told users, “Please give a lot of support to Haemuk which is linked to Klip.”

There are some companies that have not yet added tokens to the service, but want to introduce tokens that have been swapped based on KCT according to the release schedule of Klip. TEMCO, Klaytn’s BApp partner, plans to add the token to its own service, ‘KUHADA’, and link Klip with KUHADA if Klip supports BApp. KUHADA is a luxury sales platform that utilizes blockchain technology to draw free gifts and track product history.

Tokens to be included in the first version of the Klip

Klip basically supports Klay (a cryptocurrency of Klaytn) and KCT-based tokens. Only tokens from partners that have been swapped based on KCT and pre-tested with Klaytn are expected to be added to the first version of Klip. Klip does not support existing cryptocurrencies such as Bitcoin and Ethereum.

An official of Klaytn said, “We need to discuss which partner’s token will be added first.” “We prefer to support KCT-based tokens,” he added. He also said, “We do not support tokens that have been swapped based on KCT unconditionally and require additional process such as technical test.” If the Klip is upgraded to the next version, the tokens to be supported will increase gradually.

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