Earlier this month, Klay declared it will soon develop its first formal exchange listing. Klay is a token by South Korean messaging giant Kakao. The partnership built it together with its native digital coin.
As proclaimed by Ground X, the company was for the progress of the Klatyn network to which the token is native.
At the end of September, Klay will make its entrance on Upbit platforms in Indonesia and Singapore.
In this regard, Upbit Singapore said that Klay would be found on the list once the price is revealed through an auction in the Netherlands.
The auction will take place on September 18, which will have an estimated time of 12 hours.
Once completed, winning bidders will obtain their Klay tokens the following day. A Klay or bitcoin trading pair will be facilitated at a future date.
The exchange included that Upbit and Klaytn won’t gain from the auction. In addition, Upbit will “redistribute all proceeds” to users in the future.
No Further Information About the Redistribution
So far, there’s no more data on how this redistribution will be or the amount of Klay tokens available for the auction.
Meanwhile, Kakao has not answered questions from were about how it plans to redistribute the proceeds and how much Klay digital coin will be available for the auction.
The exchange did say, however, that a sum of 10 billion Klay will be distributed through in 2021.
The distribution will be in monthly tranches ranging from 29 million to 278 million tokens.
It may seem unexpected that Klay is introducing in Singapore and Indonesia first, and not in South Korea to where both Upbit and Kakao’s nation is located.
In an announcement, Upbit indicated in a private sale held in December 2018, Klay was priced at $0.03 per unit.
Later, in April 2019, a private sale saw the digital coin reach $0.08 per piece. This spring, Ground X allegedly raised $90 million in a private coin offering.
However, the listing revelation follows a press report that indicates Klay would have trouble listing in South Korea. It is where prohibition of primary coin offerings are.