Bitbns, an Indian cryptocurrency exchange, has announced the listing of metaverse token Klaytn’s (KLAY) on its platform. Developed by Ground X, the blockchain of Kakao, a South-Korean internet company which claims to have over 50 million users worldwide, the token aims to help users explore frontiers such as decentralised finance (DeFi), non-fungible token (NFT), and metaverse.
“Wider access to KLAY can enable access to the Klaytn ecosystem. We look forward to have KLAY listed on Bitbns, and we aim to open up the Klaytn ecosystem around the world,” David Shin, head of global adoption, Klaytn Foundation, said.
In accordance to an official statement by Klaytn Foundation, KLAY is an open-source, public blockchain focused on metaverse, gamefi, and the creator economy. It was created for users to build, work and play in metaverse. Being a native utility token which supports the Klaytn network, use cases of the token includes serving as a mode of payment for transacting on the Klaytn network, yield farming and minting non-fungible tokens NFTs (with a partnership with OpenSea) through the Klaytn network. The Klaytn Foundation aims to make blockchain available everywhere. It is the trust layer for metaverse, uniting and empowering communities in the new world. Klaytn was launched with 10 billion KLAY coins issued at genesis. Currently, there are 2.98 billion KLAY coins in circulation globally.
As stated by Sanket, head of business development, Bitbns, they support the vision of blockchain that is focused on metaverse to enable ease of access to blockchain for mobile applications. “With 750 million smartphone users in India (2021) and being one of the markets for cryptocurrency/gaming users, Bitbns aims to empower them to do so through our fiat trading solutions,” he added.
Going by a survey, numerous businesses have joined the Ethereum-equivalent L1 chain’s metaverse since it first unveiled its vision in early 2022, including publishing and gaming development companies Neowiz and Neowiz. It recently stepped up efforts to lay the foundation for metaverse and to expand use cases Klaytn (KLAY) token, is decentralised and an open-source token that is free to use for all developers. The Klaytn blockchain claims to be secured, and supported by its governance council comprising global organisations such as Kakao, Binance, MakerDAO, Hashkey, NFTBank and LG Electronics.
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