Kakao Group, the operator of South Korea’s top chat app KakaoTalk, has launched a crypto wallet service named Klip, allowing its 50 million users to have easier access to 11 crypto and digital assets, including Kakao-issued Klay token.

Kakao said on Wednesday Klip will be directly connected to Klaytn-based blockchain applications, which will help increase the number of compatible cryptocurrencies and digital assets to be stored in Klip. Klaytn is a mobile blockchain platform launched by Kakao’s blockchain tech subsidiary GroundX last June.

Digital assets refer to all kinds of information and data that can be used as assets in online environments such as cryptocurrency, mileage point, and game item.

The wallet service accessible via a tab in the KakaoTalk interface allows users to store digital assets acquired from Klaytn-based blockchain apps for social media, game, or shopping, and to send them to KakaoTalk friends.

Security has also been strengthened for safe asset storage. The security key is stored in an encrypted form using Key Management Service (KMS) technology developed by GroundX. As users do not need to manage the security key themselves, it is convenient and there is no concern of security key loss or theft, according to GroundX.

By Oh Dae-seok and Minu Kim

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