Major South Korean Chat App Bets Big on NFT-Based Stock Trading

South Korea’s well-known chat application, Kakao, bolsters its presence in blockchain and crypto with its partnership with a non-fungible token-powered trading platform and its new crypto wallet Klip.

According to Hanguk Kyungjae, the trading company Angel League will receive support from Kakao’s Klip platform for its digital certificates based on NFTs.

Angel League allows groups of investors to jointly purchase the stocks of startups in the “pre-IPO” stage. The members, known as “lead angels,” are selected through a recruitment process to incorporate new people willing to sign a stock trading contract to operate on the platform.

The trading company will then issue membership confirmation on an NFT-based digital card through the Kakao’s Klip crypto wallet. It is permanently stored in the blockchain platform of the chat application, Klaytn. With the NFT-based digital card issued, members can then trade on the platform.

Jae-sun Han, CEO of Ground X, the chat app’s blockchain company affiliate, explained the decision behind joining the NFTs’ support:

“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.”

In June, Kakao listed its Klaytn blockchain-issued Klay token via a local cryptocurrency exchange on June 5. This news follows their launch of a new crypto wallet feature in KakaoTalk earlier the week.

Klay’s listing announcement came after the South Korean company said that its new crypto wallet function surpassed 100,000 users in less than a day in its chat app, KakaoTalk. The feature went live on June 3.