Finschia and Klaytn Foundations Merge to Create Asia's Largest Web3 Ecosystem

According to PANews, the Finschia Foundation, developed by Japanese social media giant LINE, and the Klaytn Foundation, developed by South Korean internet giant Kakao, have announced the finalization of their merger proposal. The merger was approved with a 100% voting participation rate and a 95% approval rate. The goal of this merger is to establish the largest Web3 ecosystem in Asia, encompassing governance participation from 45 companies, 420 dApps and services, and over 250 million Asian wallet users. The two foundations will immediately establish a merger working group, set up a unified foundation in Abu Dhabi, and promote a series of innovations to facilitate the development of the entire Asian blockchain industry. The merged blockchain will be compatible with Ethereum and Cosmos, and the new native token will have a sustainable token economy. Last month, it was reported that the Klaytn public chain, owned by South Korean internet giant Kakao, and the Finschia blockchain, owned by Japanese social media giant LINE, jointly proposed an on-chain merger.