Chat App Kakao Partners with Angel League to Advance NFT Based Stock Trading
Kakao, South Korea’s popular chat app, has taken another initiative in blockchain and cryptocurrency sector through collaboration with a non-fungible token (NFT) based trading platform and its unique cryptocurrency wallet Klip.
As Per Hanguk Kyungjae, the trading firm Angel League will be backed by Kakao’s Klip tool for digital certificates using NFTs.
Angel League enables team of investors to collectively buy stocks of startup firms in the “pre-IPO” stage. The members, referred to as “lead angels,” are chosen via a hiring procedure and employed after inking a stock trading deal to trade on the platform.
The trading firm will then confirm membership via NFT-powered digital card via the Klip cryptocurrency wallet of Kakao. The data is stored on the blockchain system of the chat app. Following the issue of the NFT-based digital card, members will be able to trade on the platform.
Jae-sun Han, CEO of Ground X, the chat app’s blockchain associate, detailed the advantages of using NFTs in the project:
“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.”
Back in June, Kakao listed Klay token, the native crypto of Klaytn blockchain, in a domestic cryptocurrency exchange. The initiative follows the roll out of a unique cryptocurrency wallet feature in KakaoTalk earlier last week.
The listing has taken place after the South Korean firm stated that its latest cryptocurrency wallet function, embedded in chat app KakaoTalk, has achieved 100,000 users in less than 24 hours. The facility has become active on June 3.