Two blockchain platforms, Klaytn backed by Kakao, and UAE based Finschia backed by Naver an affiliate UAE based LINE Tech Plus have merged to create a new unified blockchain platform Kaia, which means “and” in Greek, with a market capitalization of $1 billion.
Both entities seek to have the biggest Web3 ecosystem in Asia through this merge.
Kaia, the unified blockchain ecosystem, will be launched by the end of June, according to the press release.
In January of 2024, the two blockchain’s announced their intent to merge and sought necessary approvals which were accepted.
“Several parallel tasks for the integration are proceeding smoothly,” Seo Sang-min, chairman of Klaytn Foundation, said at the press conference. “The mainnet will be launched at the end of June, introducing the integrated token and governance system.”
“We are committed to positioning ourselves as a leading blockchain mainnet in the Asian market by collaborating with partners, including LINE Next,” Seo said.
UAE based Finschia Foundation is an independent non-profit organization, based in Abu Dhabi. As per the press release, following the integration of their blockchain ecosystems, a unified foundation will be established in Abu Dhabi, UAE, in June 2024.
Next on the agenda is to communicate with crypto exchanges, where coins from both foundations are listed, to update their listings to Kaia. Integration of both platform’s communities and social channels will also take place.
If successfully integrated, this merger will lead to the creation of a domestic virtual asset project with a market capitalization valued at 1.4 trillion won or $1 billion.
“Our goal to establish a no.1 blockchain in Asia following this merger remains unchanged,” Kim Woo-seok, director of Finschia Foundation, said. “We aim to create technological synergy rather than merely integrating two networks into one.”
“Integrations between large-scale chains are rare, so our project attracts considerable international attention. Our teams are diligently working to make this a successful example,” Seo said.
In December 2023, UAE based Finschia Foundation, NEOPIN, DeFi multichain platform partnered to provide decentralized exchange services. Under the agreement Finschia and NEOPIN would collaborate to develop the Finschia Network Swap (hereinafter referred to as FNSwap). NEOPIN is currently developing FNSwap, which will be the first Automated Market Maker (AMM) Decentralized Exchange in the Finschia ecosystem.
