Kakao’s Klay cryptocurrency to make its first listing on Upbit

• Ground X announced that Klay will list on Upbit’s Singapore and Indonesia platforms soon. 
• Upbit Singapore said that Klay will be listed following price delivery via a Dutch auction.

South Korean messaging platform Kakao’s “Klay” token – the native cryptocurrency of Klaytn blockchain – will soon be making its official exchange listing on Upbit’s platform. Ground X, a firm set up by Kakao to develop the Klaytn network, announced that Klay will be listed on Upbit’s Singapore and Indonesia platforms by the end of this month. 

Upbit Singapore stated that Klay will be listed following price delivery through a Dutch auction on September 18. The exchange noted that Upbit and Klaytn will not be profiting from the auction. Upbit will “redistribute all proceeds” to customers in the future. The firm also revealed that a total of 10 billion Klay will be distributed through to 2021. The distribution will be done in monthly tranches varying from 29 million to 278 million tokens.

Upbit also noted that in a private sale in December 2018, Klay was priced at $0.03 per unit. In April 2019, a private sale witnessed Klay reach $0.08 per unit. Ground X had earlier raised $90 million in a private coin offering this spring.