South Korea’s Kakao Collaborates with Angel League for NFT Trading

Kakao, marks its presence in the blockchain and crypto ecosystem, with an NFT-based (non-fungible token) trading platform and its new crypto wallet Klip.

By · Aug 17, 2020 . 6min read

Kakao South Korea

According to a blog post, Kakao, South Korea’s well-known chat application, marks its presence in the blockchain and crypto ecosystem. It reinforces collaboration with an NFT-based (non-fungible token) trading platform and its new crypto wallet Klip. As per Hanguk Kyungjae, the trading firm Angel League will be supported by Kakao’s Klip tool for digital certificates using NFTs.

Kakao is a free mobile instant messaging application for smartphones with free text and free call features. Kakao Corporation operates it. Established on March 18, 2010, it is currently accessible on iOS, Android, BlackBerry, Windows Phone, Bada OS, BlackBerry, Nokia Asha, Windows, and macOS.

How Kakao and Angel League Operate Using NFT’s

Angel League enables investors to collectively purchase the stocks of startups in the “pre-IPO” stage. However, the members dubbed as “lead angels,” are chosen via a hiring procedure and employed after signing a stock trading deal to trade on the platform.

After inking the stock trading deal, confirmation of membership will be issued. Kakao’s Klip crypto wallet will issue NFT-based digital card. Additionally, the information is stored on the blockchain system of the chat app. After the issue of the NFT-based digital card, members will be capable of trading on the platform. 

Earlier, Kakao launched its crypto wallet called Klip, and it offers the country’s crypto users with the ability to store and manage approximately 11 cryptos and NFTs. It also recently moved to get its coin, Klay (KLAY), listed on its first crypto exchange. On June 5, Kako’s Klatyn Blockchain introduced the KLAY token. The new wallet also supports Klay. Apart from this coin, the wallet also supports tokens of Klaytn allies that have their coin, including Box (BOX), Pibble (PIB), Antube Token (ATT), Bitbns (BNS), Insureum (ISR), Cosm (COSM), BlockPet Token (BPT), Pixel (PXL), Hint (HINT), and Temco (TEMCO).

Jae-sun Han, CEO of Ground X, elucidated the reason behind the collaboration between Kakao and Angel League for NFT’s trading.

“By making it possible to verify the membership of the Angel League through the NFT digital card of Klip, we have reduced operational hassle and strengthened the convenience of members. It will also expand the way to transfer ownership of the company through Klaytn. Together with Ground X, we will discover several examples of NFTs that can promote financial innovation.”

Jae-Sun Han on NFT trading.

With Kako’s new initiative in crypto and blockchain sector, the competition in this sector intensifies. However, the membership confirmation through NFT-based digital card by the Kakao’s Klip crypto wallet is something one should explore. We hope this project brings a new wave of transformation in the blockchain and cryptocurrency sector.

Follow Cryptodose for more updates.

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