Asian blockchain companies Klaytn and Finschia have announced that the proposal to merge their two networks has now been approved.
As was announced in a merge proposal in January 2024, the companies are looking to create one dominant Asian blockchain, more particularly based on Klaytn’s presence in Korea, Singapore, and Vietnam, and Finschia’s establishment in Japan, Taiwan, Thailand and Abu Dhabi.
While not named yet, the new blockchain will integrate web3 assets based on LINE and Kakao social networks, which currently have a combined base of 250 million user touchpoints across Asia. The merger will enable interoperability between Klaytn’s DeFi and gaming services and Finschia’s web3 infrastructure including NFTs and payment services.
In a pursuit to promote scalability, the new blockchain will support Ethereum and Cosmos, and completely new tokenomics will be designed. To that end, the KLAY and FNSA tokens will merge into a single currency, provisionally named PDT. This new token will be functional on both LINE and Kakao messengers. In addition, uncirculated digital assets will also be eliminated.
Chairman of the Finschia Foundation Council Youngsu Ko commented, “There was no one blockchain network that represented the Asian market, and the level of community participation had much to be desired. We plan to build Asia’s largest blockchain ecosystem with the diverse opinions from our partners and community that we gathered during the merger proposal process.”
“In the process of fine-tuning the merge proposal, we have seen how much positive change can be made through sincere communication with ecosystem participants, including the holder community and governance council members. As we emphasized during the proposal process, together we will build Asia’s best blockchain ecosystem that will create greater future value,” said Representative Director at Klaytn Foundation Sam Seo.
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