KLAY to List on GDAC With Controversy in Tow

Today Korean virtual assets exchange GDAC announced that it will list KLAY token on the 14th of this month. The announcement of the listing quickly stirred controversy as the parent company of Klaytn, GroundX, claimed that the listing on GDAC would be unauthorized and without any consultation from GroundX.

In response to GroundX’s hasty objection to the listing, GDAC rebutted that crypto exchanges need no permission to list, nor do they even need prior consultation from the respective crypto company in advance of a listing. The listing may jeopardize GDAC’s parent company Peertec’s spot in Klaytn’s ecosystem which was started this past February.

The steadfastness of GDAC to list KLAY seemingly prematurely or ahead of what may have been carefully laid out plans for other global exchanges is surprising considering that the Korean government’s negative perception of virtual currencies persists. Both companies were unable to bottle their high emotions.

The listing flies in the face of listing etiquette that has stood for several years to this point where the exchange and the partner company deliberate for some time before coming to an agreement behind closed doors to proceed with a listing.

GDAC made clear that in any case of a new listing, “[The exchange verifies the projects independently]” and lists the projects they deem to be most valuable, thus emphasizing the absence of an obligatory permission to list a token or coin on their platform. As a result, it is highly unlikely that GroundX will participate in any marketing campaign for the listing which potentially harms the success of the listing. On the other hand, being the first to list a high-profile token such as KLAY may create enough buzz on its own to make the listing event successful.

As pointed out by ZDNet, however, “[in principle, blockchain is a technology that aims for decentralization and an open ecosystem, so there is no need to be granted permission to list a project]” which may best explain why exchanges do not get permission to list Bitcoin or Ethereum, as an example.

GDAC will list KLAY initially on the KRW market. It will be the first exchange to list KLAY on a KRW pair, and the first exchange in Korea to KLAY at all. Recently infrastructural implementations were put in place to improve KLAY functionality in Korea. Their KLIP wallet is expected to launch on the Kakao apps suite any time as they have already been hiring community managers in Korea to aid in the marketing scheme.

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