Web3 in Asia grows as Klaytn and Finschia announce merger

Blockchain network Klaytn completed its merger with Finschia on Thursday, creating a Web3 ecosystem of more than 250 million Asian wallet users. 

In a press release, Finschia said the two foundations will set up a unified foundation based in Abu Dhabi, United Arab Emirates. 

The tokens and governance will be integrated in the upcoming second quarter. A new tokenomics will also be introduced that plans to burn almost 23% of existing issuance, which is roughly around US$384 million. 

Both layer-1 chains are backed by major internet firms in East Asia. 

Klaytn was founded in 2019 by Ground X, a subsidiary of South Korean internet giant Kakao. Meanwhile, Finschia was launched by LINE, a Japan-based internet firm. 

Both Line and Kakao have their own online communications applications with an estimated combined user base of around 280 million users.

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