Kakao’s cryptocurrency called ‘KLAY’ went public in Upbit Indonesia and jumped more than 45 percent on the first day of trading. KLAY is an cryptocurrency issued by GroundX, a blockchain subsidiary of Kakao Corp.
Upbit Indonesia first listed KLAY on the IDR market at 1 p.m. on Wednesday. According to Upbit Indonesia, KLAY soared to 3,770 IDR less than five minutes after it went public. KLAY was trading at 3,200 IDR at 1:10 a.m., up 45.53 percent from the start of trading. First final listed price was 0.00001499 BTC or 2,146 IDR (approximately 182 won).
Kakao has said it issues a total of 10 billion KLAY pieces. Therefore, according to current traders, KLAY’s market capitalization stands at 2.71 trillion won. It sold 2.5 million clay pieces in total through a recent reverse auction.
Kakao GroundX on KLAY listing
GroundX was first listed on overseas trading sites to avoid the tightly regulated domestic market. KLAY will make the second listing in Upbit Singapore this month following Upbit Indonesia. GroundX has temporarily withheld listing of its domestic trading site until the realization of price stabilization to protect investors.
Regarding the KLAY listing, an official from a local trading industry said, “The listing price is exceeding expectations even though so-called ‘huge whales’ in Korea did not flock to Indonesia due to the need for address and bank account for large-scale cryptocurrency transactions in Indonesia.”
He added, “Since there is not much initial distribution, the market will be more favorable for the time being.”
GroundX said earlier that it will “prevent untested trading sites from randomly listing KLAY in order to create a healthy market.”
Upbit Singapore and Indonesia announced their plans for the clay listing in a Web site announcement on Friday. At that time, Upbit Singapore announced that it would list KLAY on the Bitcoin market and in the case of Upbit Indonesia on the IDR and BTC market.
Meanwhile, Upbit’s parent company, Dunamu, announced the upcoming Upbit Safe a few days ago.
