Klaytn And Finschia Merger Forms Asia's Largest Web3 Ecosystem

Klaytn and Finschia, prominent layer-1 blockchains, announced their official merger approval by both network’s governance members on Thursday.

Klaytn, backed by South Korean internet giant Kakao, and Finschia, developed by Japan’s messaging behemoth LINE, have established networks across Singapore, Vietnam, Taiwan, Thailand, and Abu Dhabi.

The newly formed entity will be headquartered in Abu Dhabi, with equal representation from both sides in its unified leadership. The new blockchain mainnet will boast compatibility with both EVM and CosmWasm.

The token merge and governance overhaul are set for the second quarter of 2024, introducing a new native token. Notably, 22.9% of the existing token issuance (approximately $384 million) will be burned, alongside the removal of all non-circulating tokens.

Furthermore, Klaytn and Finschia aim to actively promote Web3 innovation across Asia through initiatives like:

Launching a native stablecoin.
Establishing large-scale DeFi (Decentralized Finance) solutions.
Building a blockchain adoption infrastructure for Web2 companies.

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