South Korean Tech Giants Naver, Kakao Aim to Launch Token in June
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 the KakaoTalk chat app, is the driving force behind the Klaytn blockchain and its Klaytn (KLAY) token.
Naver is South Korea’s answer to Google. It operates the Finschia (FNSA) token and blockchain protocol via its Line affiliate.
Line is also a chat app operator and has a range of blockchain and crypto operations that are mainly active in Japan.
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.
In January, the firms announced their intentions to “merge” their blockchain networks. The companies explained:
“KLAY and FNSA, the native coins of the two blockchains, will be replaced by a new native coin which will be issued based on the combined total amount of KLAY and FNSA.”
Holders of KLAY and FNSA tokens, they said, “will be able to swap for the new native coin upon issuance.”
In a press briefing held in Seoul’s Gangnam on April 30, the companies said they had launched “Project Dragon,” a “consultative body” that would oversee and promote the chain integration process.
The media outlet reported that the tech giant’s “ambition” is “to surpass global layer 1 blockchains such as Ethereum and Solana.”
Kakao Entertainment partners with Billboard to expand K-pop's global reachhttps://t.co/iqyz9kji7u
— The Korea Times (@koreatimescokr) April 18, 2024
Token launches are still illegal in South Korea since a 2018 ruling banned domestic firms from making initial coin offerings.
As such, the firms have created an
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