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Kakao’s Klaytn adds Binance to its governance council, to add more corporate giants

Klaytn has now added Binance to its governance council and it appears that Kakao’s blockchain project is looking to add more corporate giants in the coming months.

Photo via Flickr/Marco Verch

Thu, 24 Oct 2019, 04:05 am UTC

Binance, one of the leading crypto exchanges in the world by trading volume, has joined Kakao’s Klaytn governance council.

With this, the project has managed to secure a partner that provides a solid legitimacy to its existence.

The council will act as a support for the Klaytn mainnet to monitor the blockchain network’s operations and development. Aside from Binance, major firms are also a part of the council including LG Electronics, Celltrion – a biopharmaceutical company in South Korea, and UnionBank that’s based in the Philippines.

In a statement released by Binance, it appears that Klaytn is looking to add more firms to the council to further strengthen its foundation. The crypto exchange’s addition has bumped the governance council member count to 25.

Klaytn’s vision is in line with Binance

“We are excited to welcome the world’s leading exchange Binance to our Governance Council. We look forward to further strengthening the Governance Council as we continue to invite leading companies in various industry domains to join, and together with our Council members, we will work towards driving mainstream adoption of blockchain,” said Jason Han, the CEO of Ground X.

Ground X is spearheading Kakao’s blockchain initiatives and the improvements done on Klaytn. Binance CFO Wei Zhou also expressed the company’s excitement in joining the council as Klaytn’s vision is in line with what the crypto exchange is planning for the future.

The blockchain project has so far collaborated with 47 service partners across industries. While over a dozen of its partners have already launched blockchain services, others are set to open later this year.

Klaytn continues to push cryptocurrency to the mainstream scene

For its blockchain-based financial offerings, Klaytn has partnered with Woori Bank and Shinhan Bank – two of South Korea’s biggest lenders. Klaytn is also trying to fast track widespread cryptocurrency adoption by partnering with Samsung, CoinDesk reported.

Samsung has developed what’s being marketed as a KlaytnPhone, which has similar specifications with the Galaxy Note 10. The only difference is that it will have a crypto wallet and blockchain apps, along with Klay, the native cryptocurrency of Klaytn. The phone is only available in South Korea, however, as Samsung appears to be monitoring how people respond to its attempt at convincing the masses to join the crypto sphere.

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