Kakao’s New Crypto Product Saw 100,000 Users On First Day

Instant messaging application KakaoTalk’s new cryptocurrency offering “Klip” saw 100,000 users on the app within the first day of the product’s life.

KakaoTalk, a South Korean instant messaging corporation, has announced that its recently brand new cryptocurrency wallet feature took less than one day to gain 100,000 users.

Dubbed “Klip” the feature went live on 3rd June and saw the surge in users as soon as the new product was launched. The 100,000 users make up only 2% of the application’s 50 million total users. Klip, developed by Ground X, offers the function for users to store and transfer Klaytn-based blockchain applications across several technological platforms, such as social networks, gaming and online retail.

According to KakaoTalk, Klip currently supports 11 Klaytn-based cryptocurrencies (namely Klay (KLAY), BOX, Pet (BPT), PIBBLE (PIB), HINT, ENT (ATT), TEMCO, Binz (BNS), Pixel (PXL), Insurium (ISR), and Cosm (COSM). Further to this, the feature supports a number of Non-Fungible Tokens (NFTs). The mobile corporation added that the number of cryptocurrencies and NFTs supported will increase over time.

A Platform For All Users

According to KakaoTalk, Klip has been designed for everyone to be able to use, not just the blockchain-savvy. As a result, the wallet is focused on “optimising usability, security, and expandability.”

To achieve user-friendliness, Klip has simplified account information, removing the complicated nature typical of blockchain wallets. As per the report: “Klip allows users to send and receive digital assets with their basic KakaoTalk account information, rather than complex wallet addresses typical of most blockchain wallets.”

A Millennial And Generation Z Audience

Ground X CEO Jason Han commented on the product, saying:

“Klip enables people to experience digital assets, which are the core elements of the next internet paradigm, on the mobile platform that they feel the most comfortable with. We have focused on developing a digital wallet that is easy and convenient enough to be used by those who have no previous experience with blockchain technology.”

Han explained that the new product is best-suited to users in their 20s and 30s and they are already familiar with tech and mobile environments. He also added that Ground X hopes to make an active effort to teach the Millennial and Generation Z users the power that digital assets and cryptocurrencies hold.

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