A List of Places to Buy Klaytn (And Wallets for Holding it)

Are you trying to buy Klaytn’s native token (KLAY) but having trouble finding it on Coinbase? You aren’t the only one.

Table of Contents

A Brief Overview of Klaytn

For the uninitiated, Klaytn is a blockchain platform developed by GroundX, a subsidiary of South Korean internet corporation Kakao. (Some background: GroundX won a bid in 2021 to begin developing a Central Bank Digital Currency on behalf of the Bank of Korea.)

KLAY is used to pay for transactions and services on the Klaytn network. It shot to prominence in August 2022 when DeFi Kingdom (DFK) developers announced they were moving their game to Klaytn from the Harmony Network. Both blockchains sought to sell themselves as “scalable.” (In other words, capable of handling a large number of players without slowing down.) But Harmony was plagued by constant problems that resulted in frequent downtime and often unusable speeds.

Klaytn promised it could avoid these issues by using a consensus mechanism called “Baobab,” a fusion of Proof of Work (PoW) and Proof of Stake (PoS) algorithms. Its PoW algorithm handles block generation, while the PoS algorithm validates transactions. In theory, the process allows for decentralization (meaning higher speeds) without sacrificing security.

To put it more simply, Klaytn is aiming to become the top blockchain for play-to-earn games. As of January 2023, DFK was its top game ranked according to player activity tracked by DappRadar. The next most active games were, respectively:

CPL
KLAYMETA
The King of Fighters Arena
Five Stars

Centralized Exchanges for Buying Klaytn

Exchanges that allow you to buy KLAY include Binance, Phemex, Mexc, and Korean exchanges Coinone and Upbit. (One caveat: Binance.us does NOT allow users to trade KLAY. That means Binance isn’t an option for Americans.)

If you’re an American or do not have a Binance account, we recommend Phemex. It’s the most reliable exchange on the list, and — unlike Binance — you can sign up with just an email address. Alternatively, Mexc offers the same deal — and if you’re feeling risqué, it also allows you to trade KLAY perps with up to 75x leverage.

*KLAY trading on Phemex as of Jan. 16, 2023*

The Decentralized Option for Buying KLAY

MetaMask offers the top decentralized exchange (DEX) options for buying KLAY. You can add either Klaytn’s network to MetaMask or the DFK network and head over to the in-game marketplace (read: DEX). There, you can swap Ethereum (ETH), USDC, USDT, or any other tokens you happen to hold for KLAY.

Wallets for Holding KLAY

Once you own KLAY, you have at least six options for holding it outside of the centralized exchanges listed above.

Hardware wallets: Physical devices that support KLAY include the Ledger Nano S and Ledger Nano X. (Disclaimer: If you use the links displayed, GoblinCrypto may receive a commission from any purchase. For your security, we do not recommend that you buy a used Ledger.)

Software wallets: Digital wallets for KLAY that you can install on a computer or mobile device include MetaMask (obviously) as well as MyEtherWallet, TokenPocket, and the official Klaytn Wallet. We recommend MetaMask as the most comprehensive option. (It’s easiest to swap KLAY out for other tokens on MetaMask. It’s also easy to use it to play Klaytn-based games — such as DeFi Kingdom.)

Klaytn CEO Jason Han on CNBC

If you want to know more about Klaytn, check out the 2021 interview that Klaytn and GroundX CEO Jason Han gave to CNBC. (Han holds an undergraduate degree in computer science from the Korea Advanced Institute of Science and Technology and an MBA from Northwestern University’s Kellogg School of Management.) In it, he talks about GroundX’s plans for the CBDC it’s developing on behalf of South Korea.

Watch the interview above courtesy of CNBC.