Binance first crop-based company to join Klaytn

October 24, 2019

To continue its Governance Council Program, Klaytn is partnering with various industries and business organizations to provide user-friendly services to millions of users. Klaytn public blockchain was developed by Kakao to provide services to clients and customers. The portal was launched in June and has since gained a lot of attention from other companies.

Now, Binance, which is the largest crypto exchange company in the world, has joined the Klaytn Governance council. The company is the first among all crypto-based companies to work with Klaytn. Currently, there are about 25 major companies that have already committed to the project, including LG electronics.

The Klaytn Platform

The Klaytn platform is a service center portal that provides a user-friendly experience to the blockchain community. The network is designed to provide significant stability and strong reliability for mass adoption.

It is an enabler that offers real-world applications on a wider basis. The idea is to make blockchain adoption easier for those who don’t have extensive knowledge of cryptocurrency or blockchain. The Governing Council believes that if there is more simplicity in the adoption of this technology, it will extend the market the technology could cover.

Ground X is the blockchain department of Kakao. The company established the Klaytn network on the 27th of June to decentralized apps. However, it is hoping that the app will increase the wider adoption of blockchain technology in South Korea.

Building towards a usable blockchain-powered service

Klaytn has a keen interest in overseeing the speedy growth of blockchain technology. As a result, it is working with different blockchain projects with a strong global user-base. Presently, Klaytn has collaborated with more than 47 service partners in different industries. Out of these numbers, more than ten have started using blockchain services. And before the end of the year, many more will launch theirs.

Earlier this year, the Klaytn platform made coin offerings to the public as it raised close to $3000 million. The technology will become part of the payment system developed by Ground X in collaboration with Irish new entrant Festy.

What the Council hope to achieve together

Under the Klaytn platform, the members will be responsible for making important decisions for Klaytns’s technical and business development projects. These projects will include the node network that is designed to improve the utility of blockchain technology. The aspect of improving blockchain utility is primarily the reason why Binance joined the platform.

Also, the members will work towards developing and implementing the Klaytn-based applications and aligning its technology with the service it provides.

CEO of Ground X, Jason Han, said that the organization is excited that Binance, the world’s biggest crypto exchange, is joining their Governance Council. He further revealed that it is the organization’s goals to bring in leading firms in various industries that will help strengthen the wider adoption of blockchain in the mainstream.

Jason mentioned that Klaytn and Binance share a mutual goal to foster and stimulate sustainable growth in the crypto industry. It will bring a wider adoption of blockchain technology in many organizations.

According to Binance CFO Wei Zhou, Binance is happy to share a working relationship with Klaytn to work in the Governance Council with other strategic members in the council. He pointed out that, as one of the most innovative firms in Asia, Kakao and LG Electronics are doing something that Binace feels proud to join. With the open and joint effort of all members, Binance is committed to the project, which is to foster the growth and development of the blockchain ecosystem.

Author: Ali Raza for

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