Naver, Kakao’s blockchain platforms to integrate network

[Courtesy of Naver, Kakao]

South Korean platform giants Kakao Corp. and Naver Corp. have decided to integrate their blockchain networks, with an aim to launch a main network (mainnet) that will help create a mega ecosystem representing Asia.

The Klaytn Foundation and Finschia Foundation announced Thursday that the proposal to merge the Finschia and Klaytn networks has been approved in a governance vote.

The approval rate from the members of Finschia was 95 percent and that from those of Kalytn was 90 percent, the companies said.

Finschia is a blockchain initiative created by Naver affiliate Line Tech Plus and Klaytn is an early-stage blockchain platform developed by Kakao.

“Finschia and Klayton will strive to popularize Web3.0 as Asia’s largest blockchain ecosystem and secure 420 DApp services and over 45 governance members,” the foundations said.

The merged foundation will be established in Abu Dhabi, the United Arab Emirates, where the Finschia Foundation is based. The foundations will manage a taskforce team until the second quarter of this year.