Claytin and Fincia blockchains have merged to become Asia’s largest Web3 network.

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The Klaytn and Finschia blockchain foundations recently reached an agreement to approve the merger of their respective networks. Details from proposal Note that the new blockchain will initially be compatible with Ethereum (all EVM chains) and Cosmos (CosmWasm). KLAY (Klaytn) and FNSA (Finchia) tokens are planned. Redevelopment And it will be replaced by a new unified token, although this hasn't been mentioned yet.

Over 90% of Clayton's board members approved the new merger proposal, with 95% of Fincia members supporting it, despite initially rejecting it. An earlier idea Published on January 19. According to the two foundations, they are now creating and transitioning their chains under the initiative called “Project Dragon”, they plan to complete the transition in Q2 of this year.

Clayton is a public blockchain platform developed by Ground X, a leading South Korean internet company that is the blockchain subsidiary of Kakao Corporation. Finshya, on the other hand, is based in Abu Dhabi and is a public blockchain. Fincia is similar to Clite because it was originally built on the LINE Blockchain, a global messaging app founded by LINE Corporation in Japan. Kakao Corporation also operates KakaoTalk, another messaging app.

According to the new merger proposal, the combined foundation will be based in Abu Dhabi and will be provided with an equal number of directors from each network. Major partners providing management input include Kakao, Binance and Quantstamp through Klaytn, SoftBank and CertiK-backed Finsya.

The new ecosystem created by the merger will leverage Web3's existing partnerships with messaging services LINE and Kakao across Asia to reach more than 250 million potential users.

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