Kakao to add blockchain-based digital wallet feature to Kakao Talk messenger app next year

[Courtesy of Ground X]

SEOUL -- The blockchain service wing of South Korean web service giant Kakao will provide a blockchain-based digital wallet service through a popular smartphone messenger app in 2020.

Ground X said in a statement on Friday that a blockchain-based digital wallet called Klip would be added to Kakao Talk during the first half of 2020. Klip features high-level security and high processing speed as well as user-centered user interface (UI) and user experience (UX) to provide easy digital wallet access.

For its digital wallet service, Ground X will store the cryptocurrency of its blockchain platform, KLAYTN. Ground X was established in March 2018 to develop a stable blockchain platform. Currently, 27, companies including retailers and tech companies are hooked onto KLAYTN.

Blockchain is a decentralized service that shares replicated and synchronized data geographically spread across multiple servers operated by countries or organizations. Each virtual ledger works as a verification tool, making it almost impossible to hack or manipulate. A mainnet is a transaction network for cryptocurrency, which is provided as a reward for sharing blockchain resources.