- June will see the token launch when the South Korean internet giants Naver and Kakao complete their preparations for a blockchain marriage.
- The token launch, under the new brand name Kaia, is scheduled to occur in the United Arab Emirates.
Behind the Klaytn blockchain and its Klaytn (KLAY) coin is Kakao, the company behind the KakaoTalk communication program.
South Korea’s version of Google is called Naver. Through its Line affiliate, it runs the blockchain platform and the Finschia (FNSA) token.
In addition to running a variety of blockchain and cryptocurrency businesses, Line is a chat app operator that is mostly active in Japan.
The companies have been involved in the cryptocurrency space for a while, but they seem eager to collaborate in an effort to build an East Asian crypto giant.
The companies declared in January that they would “merge” their blockchain networks.
They stated that following issuance, holders of KLAY and FNSA tokens would have the option to exchange them for the new local coin.
During a press conference on April 30 in Gangnam, Seoul, the companies announced the creation of “Project Dragon,” a “consultative body” tasked with directing and advancing the chain integration process.
According to the media site, the tech giant’s “ambition” is to overtake international layer 1 blockchains like Solana and Ethereum.
In South Korea, token launches remain prohibited due to a 2018 order that forbade domestic companies from conducting initial coin offerings.
In light of this, the companies established an Abu Dhabi-based foundation, which will be fully launched by the end of June.
According to the news source, the market value of the current Finschia and Klaytn platforms combined is “approximately $1.1 billion.”
It further stated that Kaia was predicted by many to become Asia’s biggest blockchain platform after integration was finished.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
