South Korean Giant's Token Rallies 50% Following Binance Partnership News

Klaytn KLAY/USD, the cryptocurrency of South Korean internet giant Kakao Corp. (KRX: 035720), rallied over 50% after the news of a partnership with the world's top crypto exchange Binance.

What Happened: According to CoinMarketCap data, Klaytn's price grew by over 50% from its 24-hour low of $0.8492 to a high of $1.2769 before settling at $1.06 as of press time.

The sudden surge in the token's price follows Thursday's Binance announcement that it will list Klytn and distributed it through its "Launchpool" service to the users who lock their Binance Coin BNB/USD or Binance USD BUSD/USD.

Introducing @klaytn_official $KLAY on #Binance Launchpool!

Farm #KLAY by staking #BNB & #BUSD tokens.

� https://t.co/wl1So36TeM pic.twitter.com/Mju7YgzTXn

— Binance (@binance) June 24, 2021

What's Klaytn: The cryptocyrrency was developed by Kakao's blockchain subsidiary Ground X and aims to offer a scalable network featuring high performance and fast response times that can be used by large enterprises and small startups.

Notably, the coin rallied even tho the crypto market at large was in a downturn, with Bitcoin BTC/USD being nearly 2% down over the last 24 hours as of press time, according to CoinMarketCap data.