Klaytn Foundation Chairman Seo Sang-min, left, and Finschia Foundation Director Kim Woo-seok speak during a press conference held at a studio in Seoul, Tuesday. Courtesy of Finschia Foundation
By Lee Yeon-woo
Logo of Kaia / Courtesy of Klaytn Foundation
Two blockchain platforms, each backed by IT giants Kakao and Naver, have unveiled the new brand identity of the new platform after their merger. Branded as Kaia, the unified blockchain ecosystem, will be launched by the end of June, according to the platforms.
On Tuesday, Klaytn, a blockchain platform developed by Kakao, and Finschia, created by Naver affiliate LINE Tech Plus, announced the imminent launch of their merged blockchain and detailed integration procedures. It has been two months since the two foundations received approval for their integration from each community member.
“Several parallel tasks for the integration are proceeding smoothly,” Seo Sang-min, chairman of Klaytn Foundation, said at the press conference. “The mainnet will be launched at the end of June, introducing the integrated token and governance system.”
The new blockchain system, Kaia, derives its name from the Greek word for “and,” reflecting its aim to connect key participants within the Kaia ecosystem.
“We are committed to positioning ourselves as a leading blockchain mainnet in the Asian market by collaborating with partners, including LINE Next,” Seo said.
Following the integration of their blockchain ecosystems, a unified foundation will be established in Abu Dhabi, UAE, in June.
To date, the Kaia project has established its visions, including a white paper, strategies and governance structures. Preliminary work to establish a new foundation in Abu Dhabi, as well as to build its new brand identity, has also been completed.
Next on the agenda is to communicate with crypto exchanges, where coins from both foundations are listed, to update their listings to Kaia. Integration of both platform’s communities and social channels will also take place.
If successfully integrated, this merger will lead to the creation of a domestic virtual asset project with a market capitalization valued at 1.4 trillion won ($1.01 billion).
“Our goal to establish a no.1 blockchain in Asia following this merger remains unchanged,” Kim Woo-seok, director of Finschia Foundation, said. “We aim to create technological synergy rather than merely integrating two networks into one.”
“Integrations between large-scale chains are rare, so our project attracts considerable international attention. Our teams are diligently working to make this a successful example,” Seo said.
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