South Korean blockchain Klaytn onboards gold RWA DeFi platform

Klaytn KLAY -4.46% Foundation, the establishment behind the South Korea-born public blockchain Klaytn, announced today that it has onboarded $GPC (Gold-Pegged Coin) and its supporting DeFi platform Goldstation on its blockchain.

Klaytn, the blockchain developed by South Korean internet giant Kakao, said in a statement shared with The Block that CREDER, a South Korea-based digital transformation firm, launched the $GPC token, making it the first gold token to be offered on DeFi outside of Ethereum. It is also the first tokenized gold that does not charge a percentage-based fee for transactions, according to Klaytn.

Klaytn said $GPC users will benefit from Klaytn blockchain’s low gas fees, allowing them to allocate small investments to purchase gold. Crossing out percentage-based transaction fees could also ensure the cost-effectiveness of trading gold tokens on DeFi, Klaytn added.

“Klaytn Foundation has been working together with CREDER’s meticulous preparation for $GPC and Goldstation,” Sam Seo, representative director of Klaytn Foundation, said in the statement. “Moving forward, we will closely cooperate with them to deliver more diverse metal RWA tokenization projects for the domestic and global markets.”

Goldstation said it will commence services, including $GPC staking, on Jan. 24. The platform intends to start by serving South Korean residents but plans to launch globally in the future.

Klaytn blockchain has expanded its use cases to DeFi, real-world asset tokenization and the Bank of Korea’s CBDC pilot project. For example, in November, it partnered with a shipping unit of Korindo, an Indonesian conglomerate, to explore tokenization practices with ship-related assets.

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