While News1 Korea does not specify the names of the exchanges, an official familiar with the internal situation at Ground X reportedly said that Kakao might have trouble listing Klay on a South Korean exchange, because Ground X has been attracting foreign investment in crypto from its office in Singapore.
South Korean internet giant Kakao is reportedly planning to list its cryptocurrency Klay on a Chinese crypto exchange and one local exchange.
Kakao might have trouble listing Klay in Korea
According to a report by local news daily News1 Korea on Aug. 31, Kakao’s blockchain arm Ground X is in talks with two popular cryptocurrency exchanges for listing its native coin Klay.
Kakao is South Korea’s largest internet conglomerate that operates applications and has nearly 90 percent dominance in its respective market. The company first announced its plans to raise $300 million through Ground X to develop Klay in late 2018.
Headquartered in Japan, Ground X is operating the company’s initial coin offering (ICOs) as South Korea banned ICOs in September 2017.
In mid-August, Kakao launched a teaser for its forthcoming cryptocurrency wallet Klip, planning to expose the app to 50 million global KakaoTalk users. The wallet will reportedly feature Klay tokens and partner tokens such as Airbloc, Pebble and Spin Protocol.
South Korea’s CJ Corp Taps Amazon’s Blockchain for Music Copyrights
An IT arm of South Korea’s major conglomerate CJ Corp is using Amazon’s blockchain tech to improve music copyright management.
CJ Corp implementing Amazon Managed Blockchain
CJ OliveNetworks, a technology subsidiary of CJ, has reportedly implemented Amazon Managed Blockchain in its new digital copyright system for recording and tracking music in broadcast content, local news agency Yonhap reported on Sept. 19.
Specifically, the firm reportedly deployed Amazon Web Services’ (AWS) file-based video transcoding service Elemental MediaConvert to recognize and extract music content from broadcasting data.
Secure data sharing and storage
According to the report, the new blockchain-enabled electronic copyright platform intends to bring a higher level of transparency in music copyright management by providing secure sharing and storing tools and unmodifiable methods for mutual verification on the network.
The company says that the adoption of the system will have a number of benefits for all stakeholders, including broadcasters and copyright societies.
Meanwhile, Blockchain’s potential in the music industry has been reported so far. On Sept. 12, global media giant Warner Music Group revealed that it will be creating digital assets using a new public blockchain backed by CryptoKitties creator Dapper Labs.
Previously, blockchain and Bitcoin (BTC) mining manufacturer Bitfury launched its Bitfury Surround venture to open-source the music industry to help artists establish a fairer business revenue model.
On Sept. 11, AWS announced the launch of its Amazon quantum ledger database, describing it as a new type of database providing a transparent, immutable and cryptographically verifiable transaction log owned by a central trusted authority.