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Home»ADOPTION NEWS»Approval of merger of Klaytn and Finschia to form Asia’s largest web3 ecosystem
ADOPTION NEWS

Approval of merger of Klaytn and Finschia to form Asia’s largest web3 ecosystem

By Crypto FlexsFebruary 15, 20242 Mins Read
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Approval of merger of Klaytn and Finschia to form Asia’s largest web3 ecosystem
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Finschia announced on Thursday that its proposal to merge the two networks has been officially approved by governance members of both foundations.

“Our efforts will culminate in creating Asia’s largest Web3 ecosystem, encompassing more than 45 enterprises, 420 dApps and services, and governance that engages an Asian wallet user base of over 250 million users.” said.

Klaytn is backed by South Korean internet giant Kakao, while Finschia was developed by Japanese messaging giant LINE. The two established networks in Singapore, Vietnam, Taiwan, Thailand, and Abu Dhabi.

In an official announcement, the two organizations said They will set up a new foundation in Abu Dhabi to execute the merger under unified leadership with equal seats from Klaytn and Finschia. The new blockchain mainnet is compatible with both EVM and CosmWasm.

Tokens and governance are expected to be integrated in the second quarter of this year, with new native tokens introduced. It was announced that 22.9% of the existing tokens issued, or equivalent to $384 million, will be burned, and all uncirculated tokens will be removed.

Klaytn and Finschia also plan to champion web3 innovation in Asia by launching native stablecoins, deploying DeFi at scale, and building blockchain adoption infrastructure for web2 companies.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong, and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.

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