Klaytn Expands Reach, Provides Tokenization Services For Real Estate

Klaytn generalizes its service expansion. (Photo; Doc. Coinkickoff)

JAKARTA - Klaytn, a blockchain platform that is increasingly known to the public, is now expanding its focus by offering real-world asset tokenizations such as jewelry and real estate. This initiative was announced by the Klaytn Foundation, the entity responsible for the Klaytn blockchain platform.

The Klaytn Foundation is committed to increasing financial inclusion in Asia and around the world by facilitating the development of innovative projects developed on the Klaytn blockchain.

The Klaytn Foundation expressed its ambition to be at the forefront of using blockchain technology. To realize its mission, Klaytong announced the RWA (Real World Assets) tokenization program, which allows projects to create tokens that represent real-world assets.

One of the partners participating in this effort is CREDER, a financial company focused on a gold-based decentralized financial ecosystem (DeFi). CREDER provides investment opportunities related to virtual assets, gold, and USD.

In addition, the Klaytn Foundation collaborates with other companies such as Tokeny Solutions and Elysia. Tokeny Solutions helps companies create and issue tokens tailored to their real assets, while Elysia focuses on tokenizing commercial and housing real estate assets.

Klaytn is considered the ideal choice for real-world asset tokenization for several reasons. First, among the blockchain Layer 1 compatible with the Ethereum Virtual Machine (EVM), Klaytn has a very low transaction latency rate. Network costs in Klaytn are also much more affordable than Ethereum. This ability has attracted the attention of various companies wishing to tokenize.

Klaytn, introduced in June 2019, committed to accelerating the adoption of blockchain technology through DeFi. In a short time after its launch, Klaytn managed to attract more than 40 Initial Service Partners (ISP) in various sectors, including finance, e-commerce, healthcare, and entertainment, spread across more than 12 countries.

In 2020, Klaytn entered into partnerships with Chainlink, a decentralized oracle network, to facilitate integration with traditional and off-chain enterprise infrastructure. In addition, Klaytn is also active in key projects, including central bank digital currency (CBDC) trials by the Bank of Korea. To date, more than 1 billion transactions have taken place on the Klaytn blockchain through hundreds of decentralized applications (dApps).

At the time of writing, Klaytn's market capitalization reached IDR 6 trillion. KLAY tokens are trading at IDR 1,901. KLAY price performance has increased 0.2% in the last 24 hours according to Coingecko data.