South Korean exchange traffic has risen sharply since June — Is this why?

The boost may come down to the popularity of one specific token.

Data indicates that Coinone, a South Korean exchange, saw its user base rise by about 10,000 people per month after listing Kakao’s klaytn (KLAY) token in June. 

The token was listed after Kakao, a tech giant who runs the most popular chat app in South Korea, made crypto transactions a part of their messaging app, KakaoTalk. Shortly after launch, Kakao announced that their messenger’s new crypto wallet function had surpassed 100,000 users in less than a day.

KLAY’s surge in value, which has more than tripled over three months, has led to rising volumes on other exchanges as well, the report says.

Coinone’s exchange currently accounts for 10% of the total domestic market in South Korea. It is currently in 12th place in terms of 24-hour volume globally, according to CoinMarketCap data.