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Binance To Be Next Member of Council for Kakao’s Blockchain Project

By Katelyn James | October 22, 2019

Klaytn – a blockchain project under the supervision of South Korean internet heavyweight Kakao – reportedly revealed that Binance will be the next member of its governance council.

As reported on October 22, Binance revealed that the firm will become the newest member of the governance council of Klaytn, in an effort to increase the adoption rate of blockchain-based tech. 

Binance has followed the footsteps of numerous big names previously joined, nominally LG Electronics, Unionbank of the Philippines and Celltrion, to generate the next strategic moves for  Klaytn’s business and technical advances.

Per the press release, Binance will become the first blockchain-related company to be a member of the council. Apart from its involvement in the network’s governance businesses, Binance will further take part in consensus node operation.

Ground X – blockchain company of Kakao – formerly rolled out the mainnet of its Klaytn platform on June 27 this year, and expects that the decentralized apps-focused platform will play a key role in amping up blockchain adoption rate in the country. 

The Klatyn network has secured approximately $300 million via 2 separate coin offering rounds in the first quarter of 2019. Klatyn blockchain tech will provide a foundation upon which Ground X can develop its blockchain-powered payment system, together with Irish startup Festy. 

 

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