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South Korean Tech Giants Naver and Kakao to Finalize Blockchain Merger Plans
The South Korean tech giants Naver and Kakao are set to finalize their blockchain merger plans with a token launch in June. According to Newsis, the token launch will take place in the UAE under the new brand name Kaia.
Kakao, the Operator of Klaytn Blockchain
Kakao, the operator of the KakaoTalk chat app, is the driving force behind the Klaytn blockchain and its Klaytn (KLAY) token.
Naver, South Korea’s Answer to Google
Naver is South Korea’s answer to Google. It operates the Finschia (FNSA) token and blockchain protocol via its Line affiliate.
Joint Efforts for a Stronger Presence
The firms have been active in the crypto sector for some time but appear keen to join forces in a bid to create an East Asian crypto behemoth.
Project Dragon and Integration Process
In January, the firms announced their intentions to merge their blockchain networks. They launched “Project Dragon,” a consultative body that would oversee and promote the chain integration process.
Token Launch and Market Expectations
Token launches are still illegal in South Korea, so the firms have created an Abu Dhabi-based foundation that will complete the launch by the end of June. Seo Sang-min, the Chairman of the Klaytn Foundation, mentioned that the integration project is progressing smoothly and according to plan.
The media outlet reported that the combined market capitalization of the existing Klaytn and Finschia platforms is approximately $1.1 billion. Once integration is complete, Kaia is widely expected to become Asia’s largest blockchain platform.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
