Korean Web Giant Kakao to Launch Own Crypto Wallet

Klip wallet will be developed by the blockchain division of Ground X
12 August 2019   976

South Korean technology corporation Kakao intends to launch its own Klip cryptocurrency wallet before the end of this year, News1 Korea reports.

So, the blockchain division of Ground X is developing it. The new service will support the digital currency of Klay Corporation, as well as other tokens based on the Klaytn blockchain.

At the same time, representatives of the HintChain blockchain marketplace confirmed that they are partners of the project.

The establishment of Ground X and Kakao’s plans to create its own blockchain platform became known in March last year.

In early October, white paper Klaytn was released and applications for participation in the Aspen test network with a potential productivity of 1,500 Tps began to be accepted.

Already this year, Kakao raised $ 90 million to create Klaytn from investment firms IDG Capital, Translink Capital and Crescendo Equity Partners.

70 Crypto Hedge Funds to Close in 2019

At the same time, the number of funds opened this year is not even half of the values of the past two years
05 December 2019   71

About 70 cryptocurrency hedge funds focused on pension funds, family offices and other large investors closed this year. It is reported by Bloomberg.

The diagram below shows that the largest number of such funds were launched in 2017 and 2018 (291 and 284, respectively):

Crypto Fund Launches by Year Plummet
Crypto Fund Launches by Year Plummet

At the same time, the number of funds opened this year is not even half of the indicators of the past two years.

Most funds this year appeared in North America (28) and Europe (23). Asian countries and other regions are significantly behind in this regard.

2019 Crypto Fund Closures by Region
2019 Crypto Fund Closures by Region

The market is definitely retail driven and will remain so for the foreseeable future.
 

Nic Carter

Co-founder, Coin Metrics.

Blockchain Capital's general partner Spencer Bogart has a different perspective. In his opinion, the institutionalization of the market continues.

Taking a step back, I think some would argue that the levels of institutional adoption are disappointing or underwhelming but, of course, this view depends entirely on expectations. To me, the fact that there is any institutional adoption for Bitcoin only 10 years into existence is a radical success and beyond what anyone could have imagined just 3 or 4 years ago.
 

Spencer Bogart

General partner, Blockchain Capital LLC