In a significant development, two prominent blockchain platforms, backed by tech giants Kakao and Naver, have unveiled the brand identity of their merged entity. Termed as Kaia, the integrated blockchain ecosystem is slated for launch by the end of June, as announced by the platforms.

The merger between Klaytn, a blockchain platform developed by Kakao, and Finschia, created by Naver affiliate LINE Tech Plus, marks a milestone in the blockchain arena. This strategic integration, initiated two months ago with community approval, is progressing smoothly, according to Seo Sang-min, chairman of Klaytn Foundation.

Speaking at a press conference, Sang-min highlighted the coordinated efforts underway for the integration, emphasizing the impending launch of the mainnet by the end of June. The mainnet will introduce an integrated token and governance system, underpinning Kaia’s operational framework.

Derived from the Greek word for “and,” Kaia symbolizes its mission to forge connections among key stakeholders within the ecosystem. Sang-min expressed the commitment to position Kaia as a preeminent blockchain mainnet in the Asian market, fostering collaborations with strategic partners, including LINE Next.

In June, following the consolidation of their blockchain ecosystems, the establishment of a unified foundation in Abu Dhabi, UAE, is on the agenda. Key milestones achieved by the Kaia project include the formulation of visions, publication of a white paper, development of strategies and governance structures, as well as the establishment of a new foundation in Abu Dhabi and the crafting of a new brand identity.

Upcoming initiatives include engaging with cryptocurrency exchanges to update listings to Kaia, integrating community and social channels from both platforms, and fostering seamless collaboration between stakeholders.

If the integration proceeds successfully, this merger is poised to create a domestic virtual asset project with a market capitalization valued at 1.4 trillion won ($1.01 billion), reinforcing Kaia’s position as a formidable player in the blockchain landscape.

Kim Woo-seok, director of Finschia Foundation, reaffirmed the commitment to establishing Kaia as the leading blockchain in Asia post-merger, emphasizing the goal of fostering technological synergy rather than mere network integration.

Seo Sang-min reiterated the rarity of integrations between large-scale chains, underscoring the international significance of the project. He affirmed the diligent efforts of the teams involved in ensuring the success of this groundbreaking endeavor.

Source : CoinTrust / Apr 30, 2024