Klaytn
1inch plugs into Klaytn as Asia continues to climb aboard
South Korea’s most popular metaverse blockchain Klaytn is set to benefit from deeper liquidity and improved token swaps through a new partnership with decentralized finance (DeFi) protocol 1inch Network. Klaytn has enjoyed success in South Korea as the country continues to see prolific nonfungible token (NFT) and GameFi use. Klaytn is a product of tech behemoth Kakao, which commands a user base of some 52 million people that use its flagship KakaoTalk application and suite of software products. Klaytn derived its proprietary blockchain technology from the Ethereum Virtual Machine and powers various play-to-earn and AAA games, NFT marketplaces and Metaverses. As its user base continues to grow, the platform is looking to improve its scalability, efficiency and affordability. Klaytn al...
Solana Ventures sets up $100M fund for GameFi and DeFi in South Korea
Solana Ventures and the Solana Foundation have formed a $100 million fund to help support the growth of nonfungible token (NFT), blockchain gaming and decentralized finance (DeFi) projects in South Korea. In addition to supporting projects built on Solana (SOL), the fund will help keep some Terra-based projects afloat following the collapse of that ecosystem last month. The Solana Foundation believes the developers from Terra should not be held responsible for what happened on the blockchain network. In an interview reported by Bloomberg on June 8, general manager for games at the Solana Foundation Johnny B. Lee said: “The developers did nothing really wrong, but they’re left in the lurch.” The new fund helps solidify Solana’s aim to become an ideal blockchain for gaming. Solana Ventures l...
Klaytn token down 15% in a month, but network’s TVL shows resilience
Klaytn (KLAY) had a promising start in March 2021, reaching an impressive $11 billion market capitalization following its debut. However, investors have exaggerated their expectations as the token’s current total value stands at $3 billion, down roughly 70%. KLAY/USD on Binance. Source: TradingView Although not as well known as the leading smart contract blockchains, Klaytn remains a top-35 token by capitalization rank. Moreover, the network holds $1.2 billion worth of deposits locked on smart contracts. Capital locked on smart contracts is known in the industry as total value locked, or TVL. Real use cases and strong backing Klaytn is a flexible modular network architecture created by Kakao, a publicly-traded South Korean internet giant. The Asian tech group’s shares are value...
KB Bank to launch South Korea’s first crypto investment fund
Kookmin Bank is preparing to become the first bank in South Korea to offer crypto investment products to retail investors. KB announced on Feb. 21 that it had formed a Digital Asset Management Preparatory Committee to determine product and strategy capabilities regarding digital assets and artificial intelligence investment funds. The bank expects to launch crypto exchange-traded funds (ETFs) and futures products. The committee will also assess risk and compliance issues for the investment funds. The plans were confirmed by KB’s Head of Index Quant Management Honggun Kim in the official release from the bank. He said, “We will launch a virtual asset-themed equity fund, etc. We plan to publish periodicals as well.” KB Financial Group, the country’s largest by net profit, had abou...
Top 5 cryptocurrencies to watch this week: BTC, LEO, MANA, KLAY, XTZ
Russia’s massive build-up of soldiers, warplanes, equipment and extended military drills near Ukraine’s borders increased fears of a possible invasion within the next few days. That could have renewed selling in Bitcoin (BTC), which plummeted below the strong support at $39,600. Among the gloom and doom, there is a ray of hope for crypto investors because data from Glassnode shows that more than 60% of Bitcoin supply has not been used in any transaction for more than a year. This suggests that long-term hodlers are not dumping their positions in the downtrend. Crypto market data daily view. Source: Coin360 Mike McGlone, chief commodity strategist at Bloomberg Intelligence, warned that Bitcoin could be in for a “rough week ahead” and cautioned that “inflation is unlikely to drop...
Animal Concerts partners with Korea’s Klaytn: K-pop in the Metaverse?
Metaverse concert organizer Animal Concerts has partnered with South Korean unicorn Kakao’s Klaytn network to increase its exposure to the Korean entertainment industry and facilitate Klaytn’s global expansion plans. The Jan. 10 announcement from Klaytn explains that the partnership between Klaytn and Animal Concerts is expected to help Klaytn increase the number of NFTs that are traded on the platform. Klaytn is one of just three blockchains with native support on OpenSea, the largest NFT marketplace, but has the lowest trading volume. Klaytn’s parent company Kakao is also planning an NFT and Metaverse platform called Kakao Games. Animal Concerts will organize and promote concerts in the Metaverse and plans on issuing a cryptocurrency, nonfungible tokens (NFT), and merchandise for top rec...
