KLAY and BNA, social network service-based coins, are flourishing in South Korea

In South Korea's digital asset market, firms are increasingly launching services based on social network service. If you ask cryptocurrency traders in Korea about social network service-based coins, many would mention following two firms: Kakao Klaytn, which partners with Kakaotalk, the large mobile messenger app company in Seoul; Bananatok, a blockchain messenger company, also headquartered in Seoul. Indeed, both KLAY, a token issued by Kakao Klaytn, and BNA, Bananatok's own cryptocurrency, are growing.

As of June 4th, the price of KLAY, known as "Kakao Coin" recorded KRW 390, doubled by KRW 180, compared to its opening price based on Coinone, a cryptocurrency exchange. As KLAY price surged, small-and-medium sized exchanges in South Korea listed KLAY. Given that an affiliate of Kakaotalk supplies KLAY, more people are optimizing its future largely due to Kakaotalk's popularity and commercialization of KLAY.

"No wonder KLAY, which is backed by Kakaotalk, would thrive. Kakaotalk has as many as 50 million users. Moreover, they can trade digital assets without their own address, and the implementation of ecosystem is quite intuitive, making the future of KLAY rosy," said an official of the blockchain industry.

A rise of KLAY price became a boon to BNA. Its price rally prompted BNA to attract more traders.

"Among social network service firms, Bananatok virtually has the most blockchain users in the world. The number of its users is over 10 million, mostly in South Korea and China. Like WeChat, a popular messenger app in the mainland China, users can easily trade currencies on chatting room. Combined with Airdrop – Bananatok’s own unique service that offers digital assets to users for free, donation service and wallet, Bananatok offers users various advantages compared to Kakao Klaytn," suggested another official.

Unlike Bananatok, users cannot trade digital currencies on chatting room by using Kakao Klaytn’s services. Furthermore, Bananatok supports both government-issued currencies and 200 kinds of digital assets. Kakao Klaytn, however, supports 10 kinds of cryptocurrencies. But, putting aside of such differences, both companies are increasingly gaining popularity.

Many wonder whether a considerable growth of KLAY and BNA would drive the popularization and commercialization of cryptocurrencies in the gloomy digital asset market in Korea.

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