Just like the rest of the world started seeing a spike with respect to the value of the cryptocurrencies such as Bitcoin (BTC) that rose from $9,000 in the month of June to around $11,800 and Ethereum (ETH) from $220 to $475, there are other currencies that have made their way into the spiking currencies. As a result of these surges and spikes in the value of the cryptocurrencies, the exchanges for the particular currencies get bombarded with transactions and more users who start signing up with the exchanges to cash out their precious coins.
The same kind of case was experienced with South Korea when one of their major exchanges of the cryptocurrency industry named Coinone, got overwhelmed with the amount of users that flocked their site to subscribe. The total number of people the Coinone exchange reported/shared on their website was 10,000 users per month. Now comes the real question that why did Coinone experience such a high number of influx in a matter of a few months?
The answer lies in one of the top tech giants currently operating in South Korea by the name Kakao. Kakao is the company responsible for running the most popular app in South Korea that is used for chats, known as KakaoTalk. Kakao recently announced the listing of Kakao’s klatyn (KLAY) token into their chat messenger and added a crypto wallet functionality in it. Kakao reported that right after the announcement, the number of crypto wallet users through their KakoTalk chat app had surpassed 100,000 users within 24-hours’ time.
As a result of this, the transaction volume of KLAY has also increased that has put a lot of pressure on other exchanges as well. This is a volume that has even pressured Coinone and in order to give you an idea of their worth and position in the South Korean market, it is a fact worth mentioning that Coinone Exchange currently reigns over the South Korean domestic market with 10% accountability. As far as the transaction flow is concerned, Coinone currently stands at the 12th spot in the entire world.