The native cryptocurrency of South Korean messaging group Kakao’s Klaytn blockchain, Klay, will be listed on the Upbit exchange.
Upbit will list the klay token on its Singapore and Indonesia platforms at the end of September, rather than its parent South Korea exchange. This is likely to overcome any regulatory problems concerned with the country’s banning of initial coin offerings.
Upbit Singapore announced on September 6th that it was to conduct a price discovery survey for klay by Dutch auction. This process involves lowering the price until buyers are found. The auction will take place in the 12 hours beginning 19.00 Singapore time on September 18th.
According to the announcement, the price survey will end when either the total of the bids received reaches the hard cap or the auction has run its allotted 12 hours. Neither Upbit nor Klaytn are to profit from the process, the companies said, and all proceeds are to be redistributed to users in the future.