Web3 in Asia grows as Klaytn and Finschia announce merger
Blockchain network Klaytn completed its merger with Finschia on Thursday, creating a Web3 ecosystem of more than 250 million Asian wallet users.
In a press release, Finschia said the two foundations will set up a unified foundation based in Abu Dhabi, United Arab Emirates.
The tokens and governance will be integrated in the upcoming second quarter. A new tokenomics will also be introduced that plans to burn almost 23% of existing issuance, which is roughly around US$384 million.
Both layer-1 chains are backed by major internet firms in East Asia.
Klaytn was founded in 2019 by Ground X, a subsidiary of South Korean internet giant Kakao. Meanwhile, Finschia was launched by LINE, a Japan-based internet firm.
Both Line and Kakao have their own online communications applications with an estimated combined user base of around 280 million users.
Web3 in Asia grows as Klaytn and Finschia announce merger
Blockchain network Klaytn completed its merger with Finschia on Thursday, creating a Web3 ecosystem of more than 250 million Asian wallet users.
In a press release, Finschia said the two foundations will set up a unified foundation based in Abu Dhabi, United Arab Emirates.
The tokens and governance will be integrated in the upcoming second quarter. A new tokenomics will also be introduced that plans to burn almost 23% of existing issuance, which is roughly around US$384 million.
Both layer-1 chains are backed by major internet firms in East Asia.
Klaytn was founded in 2019 by Ground X, a subsidiary of South Korean internet giant Kakao. Meanwhile, Finschia was launched by LINE, a Japan-based internet firm.
Both Line and Kakao have their own online communications applications with an estimated combined user base of around 280 million users.