South Korean tech giants Naver and Kakao will launch the token in June

Last updated: April 30, 2024 11:00 pm EDT | 1 minute read

THE South Korea Tech giants Naver and Kakao are set to finalize theirs blockchain merger plans with a symbolic launch in June.

Second Newsthe launch of the token will take place in the United Arab Emirates under the new Kaia brand.

Naver and Kakao Plan June Token Launch

Kakao, the operator of the KakaoTalk chat app, is the driving force behind the Klaytn blockchain and its Klaytn (KLAY) token.

KLAY prices in the last year. (Source: CoinMarketCap)

Naver is South Korea’s answer to Google. Manages the Finschia (FNSA) token and blockchain protocol through its affiliate Line.

Line is also a chat app operator and has a series of blockchain and cryptographic operations which I am mainly active in Japan.

FNSA prices in the last year. (Source: CoinMarketCap)

The companies have been active in the cryptocurrency space for some time, but appear keen to join forces in an effort to create an East Asian crypto giant.

In January, the companies announced plans 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 that will be issued based on the total combined amount of KLAY and FNSA.”

Holders of KLAY and FNSA tokens, they said, “will be able to exchange for the new native currency upon issuance.”

At a press conference held in Seoul’s Gangnam on April 30, the companies said they had launched “Project Dragon,” an “advisory body” that would oversee and promote the chain’s integration process.

Media reported that the tech giant’s “ambition” is to “overtake global layer-1 blockchains such as Ethereum and Solana.”

Asia’s Largest Blockchain Platform?

Token flipping is still illegal in South Korea since a 2018 ruling banned domestic firms from making initial coin offerings.

Therefore, the companies have created an Abu Dhabi-based foundation that will complete the launch “by the end of June.”

Seo Sang-min, president of the Klaytn Foundation, said:

“The integration project is proceeding smoothly and according to plan.”

The media outlet said the combined market capitalization of existing platforms Klaytn and Finschia is “around $1.1 billion.”

He added that “once the integration is complete,” Kaia was widely “expected to become Asia’s largest blockchain platform.”

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