“Naver and Kakao Set to Finalize Blockchain Merger Plans with June Token Launch”
South Korean tech giants Naver and Kakao are gearing up for a major blockchain merger, with plans to launch a new token in June. The token launch, set to take place in the UAE under the brand name Kaia, marks a significant step in the companies’ efforts to create an East Asian crypto powerhouse.
Kakao, known for its KakaoTalk chat app, is behind the Klaytn blockchain and its KLAY token, while Naver, often referred to as South Korea’s Google, operates the Finschia (FNSA) token and blockchain protocol through its Line affiliate. The two companies announced their intention to merge their blockchain networks earlier this year, with plans to replace KLAY and FNSA tokens with a new native coin issued based on the combined total amount of both tokens.
The firms have been actively involved in the crypto sector for some time, but the merger signals a new level of collaboration aimed at surpassing global layer 1 blockchains like Ethereum and Solana. Despite token launches being illegal in South Korea, the companies have established an Abu Dhabi-based foundation to complete the launch by the end of June.
Seo Sang-min, Chairman of the Klaytn Foundation, expressed confidence in the integration project, stating that it is progressing smoothly and according to plan. With a combined market capitalization of approximately $1.1 billion, the new platform, Kaia, is expected to become Asia’s largest blockchain platform once the integration is complete.
The news of the upcoming token launch and merger has generated significant interest in the crypto community, with many eagerly anticipating the impact of this collaboration on the global blockchain landscape. Stay tuned for more updates as Naver and Kakao move forward with their ambitious plans for Kaia.
