The Klaytn Foundation, the entity behind the South Korea-based public blockchain Klaytn, has recently announced the integration of $GPC (Gold-Pegged Coin) and its supporting DeFi platform, Goldstation, onto its blockchain.
Klaytn, developed by the South Korean internet giant Kakao, revealed in a statement to The Block that CREDER, a South Korea-based digital transformation firm, introduced the $GPC token. This marks the first instance of a gold token being offered on a DeFi platform outside of Ethereum. Notably, $GPC is also distinguished as the first tokenized gold without a percentage-based fee for transactions, as highlighted by Klaytn.
The inclusion of $GPC on the Klaytn blockchain brings advantages to users, such as low gas fees, enabling them to make small investments in purchasing gold. Moreover, the absence of percentage-based transaction fees enhances the cost-effectiveness of trading gold tokens on DeFi, according to Klaytn.
Sam Seo, representative director of the Klaytn Foundation, expressed in a statement, “Klaytn Foundation has been working together with CREDER’s meticulous preparation for $GPC and Goldstation. Moving forward, we will closely cooperate with them to deliver more diverse metal RWA tokenization projects for the domestic and global markets.”
Goldstation, on the other hand, has announced the initiation of its services, including $GPC staking, scheduled for January 24. Initially, the platform plans to cater to South Korean residents but has aspirations to expand its services globally in the future.
Klaytn blockchain has been extending its utility to various domains, including DeFi, real-world asset tokenization, and participation in the Bank of Korea’s CBDC pilot project. In November, it formed a partnership with a shipping unit of Korindo, an Indonesian conglomerate, to explore tokenization practices related to ship assets.
