Binance joins South Korean Internet giant Kakao’s blockchain initiative

The global cryptocurrency exchange, Binance joined a blockchain project dubbed ‘Klaytn Governance Council’ steered by South Korean Internet giant Kakao. With this, Binance will participate in the platform’s initiative to drive the mass adoption of blockchain technologies globally.

With this, Binance becomes the first blockchain company to join the band, along with 24 other Council members, who will work toward developing Klaytn-based applications and will participate in key decisions related to business and technical updates. In a statement released by Binance on October 22nd stated:

“Undertaking the Klaytn platform ownership, the Council members function as key decision-makers for Klaytn’s business and technical developments, including the consensus node network operation dedicated to advancing blockchain utility.”

According to Binance CFO Wei Zhou, Ground X and its public blockchain project Klaytn share “a mutual vision” with Binance in promoting and stimulating sustainable growth in the industry and to bring meaningful use cases. Zhou also added that the exchange was excited to join the council work with other key partners which included Asian industry players such as LG Electronics and Kakao, “to foster the growth of the global blockchain ecosystem in this joint and open effort.”

Jason Han, the CEO of Kakao’s blockchain arm, Ground X, who heads the development of the Klaytn platform said:

“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.”

In a previously published press release, Klaytn had alluded that the council is an alliance of multinational businesses and organizations, who are responsible for operating consensus node network and driving ecosystem growth.