Klaytn Pushes for Mass Adoption of Blockchain in Asia
- Klaytn’s Governance Council includes huge Korean conglomerates such as Hanwha, Sk and GS.
- The Council gathering also saw the revealing of Klaytn’s digital wallet Klip, which will be embedded into the popular KakaoTalk messenger.
The first Klaytn Governance Council Summit took place on Thursday in Nonhyeon-dong, Seoul, South Korea. Lim Jeong-yeo/The Korea Herald
The popular Klaytn blockchain project, driven by the South Korean Internet enterprise Kakao, is making substantial moves across the Asian market. Their Governance Council inaugurated Klaytn’s Council summit that took place on November 27 in Korea, the company announced in a press release.
Klaytn is a public blockchain project that is developed by Kakao’s subsidiary – Groung X and is supported by a powerful consortium of some of Asia’s biggest enterprises.
About Klaytn
Klaytn’s mainnet blends both public and private blockchains’ good sides through a potent hybrid design. It was launched in June this year with the aim to push for the adoption of blockchain by the masses. With Klaytn’s help, businesses are able to provide ready-to-use blockchain services that are responsive and robust.
At the moment Klaytn is partnering with some of the biggest enterprises in Asia such as Axiata Digital, Binance, Netmarble, and LG Electronics. These companies, part of the Governance Council provide products and services to millions of users worldwide. Except owning the platform, the Council is engaged with working on user-friendly blockchain services in a transparent manner.
The inauguration meeting of the Council happened on November 27 in Seoul, Korea and it launched the adaptation in the organization regarded as Asia’s enterprise blockchain consortium.
Klaytn gave out the functional guidance and necessary tools for conducting consensus nodes and engaging in governance activities to the Council members, as they will be the decision makers of Klaytn’s agenda – both technical and business.
The Governance Council members, on the other hand, shared how they are leveraging Klaytn in expanding their blockchain business and forming market awareness.
A couple of interesting projects were presented during the gathering. Good examples are the Philippine UnionBank’s initiative to stimulate the blockchain market in Southeast Asia, the decentralized advertising solution by Yeahobi and Neooply, and WeMade and Gumi’s blockchain game services that will launch in the beginning of next year.
Keeping in mind that the market in Asia is thirsty to use new technologies, it is highly anticipated that the Council will boost the development of blockchain applications across many industry sectors.
The three biggest companies in Korea build up Klaytn’s strength
Another big announcement by Klaytn was the addition of huge Korean conglomerates such as Hanwha Systems, SK Networks and GS HomeShopping to the Governance Council, totaling the number of members to 27.
Hanwha Systems, of Hanwha Group, provides smart technology services for information infrastructure and defense electronics. SK Groups’ SK Networks is a trading company that operates all around the world and in various industry segments. GS HomeShopping is the commerce division of the biggest Korean multimedia retailer – GS Group.
Another big announcement during the gathering was that of Klip, Klaytn’s digital wallet embedded in the KakaoTalk messenger, which will be launched in the first quarter of 2020.
With more than 50 million active users, KakaoTalk has 96% penetration in South Korea but the addition of Klip should steer new types of customers – the ones involved with crypto.
Klip will be also released as a browser extension called Kaikas and by the end of 2020 will support crypto-collectibles and KLAY-based non-fungible tokens (NFTs), in addition to KLAY-based tokens.
Ground X CEO and lead of the development of Klaytn, Jason Han, expressed their intentions:
“We are committed to offering blockchain services for a more mainstream audience, and together with the Council members, we have built an extensive and secure foundation for blockchain services to flourish. We will continue to make progress toward our vision to be the first solution to bringing blockchain experiences that flow seamlessly.”
- One of the largest South Korean commercial banks, KEB Hana Bank, partnered with crypto custodian BitGo in order to set up a new crypto custody venture in the country.
- The new venture, which will use BitGo’s crypto security expertise and Hana’s experience in financial services and compliance, is expected to launch in the second half of 2024.
Shutterstock
- Bitstamp, the world’s longest-running crypto exchange, has been raising funds since late June, with its advisor being Michael Novogratz’s Galaxy Digital.
- The new funds will reportedly be used to launch a new derivatives platform in Europe, expand to new markets in Asia, scale its operations in the U.K..
- The now arrested Terraform Labs CEO had reportedly converted the majority of his illicit funds into BTC using foreign exchanged not under the jurisdiction of South Korea.
- While none of the assets tied to Do Kwon were recoverable, South Korean authorities continue to seize assets and properties tied to other executives of Terra.