The Klay token of Kakao, the South Korean messaging giant, is now ready to officially land on the Upbit platform.
More precisely, the token will be listed on the Singapore and Indonesia platforms of the exchange.
The price will be decided through a Dutch auction
Upbit is not new to the launch of new tokens following the listing, immediately after the giant Binance, of the BitTorrent BTT token.
Ground X, the company created by Kakao for the development of its Klaytn blockchain, has announced the news through a post on Medium, stating that Klay will be listed by the Upbit exchange platform by the end of this month.
When accessing the official website of the exchange, visitors are immediately informed by a pop-up that the price of the token will be revealed as of September 18th.
The price will be decided through a Dutch auction, whereby the seller gradually lowers the price until the first buyer is found.
The auction will last approximately 12 hours and buyers will have the Klay tokens available only the next day.
The exchange also said that Upbit and Klaytn will not make any profit from the auction and Upbit will redistribute all proceeds to its users in the future.
The choice of Upbit as the platform to list the Klay token may be due to the fact that both companies involved reside in South Korea. Moreover, the exchange is managed by Dunamu, a company supported by Kakao itself.
Distribution of tokens
Kakao’s Klay token is trying to follow in the footsteps of the other online messaging giant Telegram, who attracted a lot of attention with the Gram token and raised about $1.7 billion.
The exchange has declared that a total of 10 billion Klay tokens will be distributed between now and 2021 in monthly batches ranging from 29 to 278 million tokens.
According to some rumours, in April of this year, a private sale of the Klay tokens would have attained the price of $0.08 per token. Moreover, Ground X would have raised over $90 million from this private sale.