Crypto of the Day: Klaytn [KLAY]

Crypto of the Day: Klaytn [KLAY]

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

If you don’t keep up with all the top-gainer cryptocurrencies in the top 100, you may not have noticed Klatyn’s meteoric rise. Klaytn is the native token on its own blockchain built by Kakao, the company behind South Korea’s most popular messaging app “KakaoTalk”.  KakaoTalk is used by more than 90% of South Koreans. The company also has an incredibly successful taxi-hailing app and online bank. 

While other mega-corporations like Facebook have attempted to launch a cryptocurrency, they faced heavy resistance from regulators. Kakao managed to launch Klaytn using subsidiary companies in foreign countries. 

What is Klaytn?

Klaytn is an open-source project that its CEO described as similar to Facebook’s Libra network, but “more advanced.” Klaytn became available in June last year on the Klip wallet built into the KakaoTalk app. The main purpose of the Klip wallet is to help companies reward their users with either fungible or non-fungible tokens (NFTs) when they interact with sponsored content or complete microtransactions.

Klaytn coins can be staked on its platform KLAYstation using the Kaikas web wallet browser extension for steady low interest. Klaytn is governed by a council of 30 companies with a rotating chairman that has more say than the other members. They also retain the power to halt the blockchain in case of an emergency.

Overall, Klaytn is a centralized copy of Ethereum with a few major tweaks and changes. 

Klaytn [KLAY] is Up 21% in 24 Hours

Klaytn reached a local high today at about $1.28 before dropping to $1.08. Just two days ago the coin dipped to $0.73, making the move to $1.08 almost a 50% move in 48 hours. This is a significant move, however, Klaytn is still in a large slump from its all-time high of $4.38. It wiped out 75% of its high, which seems terrible, but many other altcoins experienced similar crashes in the past 2 months. It's difficult to tell whether Klaytn will continue to rise, but it was released to the world when it listed today on the largest cryptocurrency exchange on the market, Binance.

Why is KLAY Moving?

Earlier today, Klaytn was listed on Binance and the project also partnered with Binance launchpad. Binance launchpool is the exchange’s own launch platform that helps transformative blockchains like Klaytn gain global access. The launchpool lets users stake Binance Coin (BNB) and BUSD (a stablecoin pegged to the USD) to earn Klaytn. This will likely help the company expand further and may have a long-term impact on its success. 

Where to Buy Klaytn

Klaytn can be purchased on Binance Exchange and a few other exchanges like Bittrex. It is one of the largest cryptocurrencies in terms of market capitalization to be traded on so few exchanges. You can also stake some Binance coin or BUSD on the Binance launchpool to start earning Klay! Binance Exchange is an extremely useful platform that most cryptocurrency investors should sign up for due to its enormous selection and high-volume trading pairs. 

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

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