Dr. Sam Seo – Representative Director of Klaytn Foundation
The blockchain platform Kaia, formed by the merger of South Korea’s Klaytn and LINE’s Finschia, has been officially launched in the Philippines. This strategic move aims to position Asia as a leading region in the blockchain sector.
Klaytn, developed by Kakao Enterprise, is considered South Korea’s foremost blockchain network. With a market cap of $671 million, Klaytn’s technology is deeply integrated into South Korean digital life, accessible via the Kakao super app used by over 96% of the population.
Finschia, managed by LINE Tech Plus, is focused on developing sustainable blockchain models. LINE NEXT Inc., a subsidiary dedicated to expanding the Finschia Web3 ecosystem, operates the NFT marketplace DOSI and plays a significant role in Finschia’s governance.
Kaia’s formation enables the unified platform to draw from a vast user base of over 250 million people across Asia, leveraging the reach of Kakao and LINE. The platform’s extensive ecosystem includes more than 420 decentralized applications (DApps), positioning it as the largest Web3 ecosystem in the region.
New unified token
With the merger, Kaia will introduce a new unified token, combining KLAY (Klaytn’s token) and Finschia (Finschia’s token). Current holders of these tokens can exchange them for the new Kaia coin upon its release.
“Kaia’s launch in the Philippines brings advanced blockchain technology within reach,” said Dr. Sam Seo, representative director of Klaytn Foundation. “Filipino developers and entrepreneurs can now develop and deploy DApps more effectively, supported by the combined expertise of Klaytn and Finschia,”
The launch is supported by local entities like the Blockchain Council of the Philippines, Bitskwela, and YGG, which have played key roles in preparing for Kaia’s entry.
The Philippines, known for its vibrant gaming community, is set to be a significant player in Kaia’s growth. Ranked fourth globally in the 2022 NFT Gaming Adoption Report by Finder, the country is seen to benefit from Kaia’s innovative technologies.
“The Philippines, with its tech-savvy population, is an ideal market for Kaia’s growth,” Seo said. “We aim to leverage our experiences from Kakao and LINE to enhance the Web3 space here.”
