The South Korean cryptocurrency sector faces some of the strictest regulations in the world. Yet, their internal cryptocurrency industry continues to grow at breakneck speed. Embracing the required restrictions, Klaytn and Bora lead the pack in building an ecosystem for Korean users. As of late last year, Bora migrated from the Ethereum blockchain to Klaytn, becoming one of the highest-profile users of their new platform. Beyond the usual Ethereum woes, the migration brings Bora into a localized ecosystem that will help with ongoing development.
The symbiotic relationship between Bora and Klaytn extends beyond platforming. Bora’s migration occurred near-concurrently with the rebranding of KakaoCorp’s Friends Games. Klaytn is the cryptocurrency branch of the larger Kakao conglomerate, which dominates communication services within South Korea. As the two are not direct competitors, their cooperation will allow both to focus on their strengths – Klaytn as a technology platform and Bora as an entertainment ecosystem.
KakaoTalk and Klaytn
Although virtually unknown in the west, KakaoTalk is South Korea’s most widely used messaging app. KakaoCorp, the overarching entity of the Kakao umbrella, shifted focus to a wider slice of the technology sector. Their Klaytn blockchain aims for a more metaverse-native narrative, providing specific platform features that appeal to metaverse developers.
Klaytn almost single-handedly revived the flagging South Korean cryptocurrency industry – once a flourishing leader in the overall world of blockchain technology. The governmental crackdown stifled innovation for several years, severely restricting Bithumb, South Korea’s largest native exchange. Despite all this, the South Korean market grew to nearly $46 billion throughout 2021.
The Bora Ecosystem
In contrast to Klaytn, the Bora Ecosystem focuses on creating desirable entertainment content. Hence, KakaoCorp’s gaming subsidiary shifted its name to Metabora with the intent to publish play-to-earn games within the Bora Ecosystem. Support from such a major player in the Korean market will help boost Bora over their competitors.
Further, Bora already boasts a line-up of popular games in the Korean gaming market. As is always the case with cryptocurrency ventures, proven products trump hype and ideas. Bora’s stated intention of creating full-fledged games, rather than casual or gambling-based dApps, could give them an edge moving into the global market, as well.