Binance has joined the governance council of Kakao's Klaytn blockchain network as the project scrambles for partners and "use cases" and seeks to building its legitimacy.
Binance, one of the largest crypto exchanges by trading volume, is the latest member of Klaytn's 24-company board. Participants include three LG companies and three entities related to Kakao, as well as the Union Bank of the Philippines, among others.
The board makes key technical and business decisions for the network and is involved in the development of applications utilizing the blockchain, according to a release from Binance on Tuesday.
Klaytn is operated by Ground X, which was formed in 2018 and is a subsidiary of messaging app Kakao. The blockchain's mainnet went live in June this year.
The statement suggests that Binance's admission to the Klaytn governance council will lead to closer cooperation between the Korean blockchain, its partners, and the exchange.
"Ground X and its public blockchain project Klaytn share a mutual vision with Binance in fostering and stimulating sustainable growth in the industry and to bring meaningful use cases," Binance's CFO Wei Zhou, was quoted as saying in the statement.
CZ of Binance image courtesy to Binance
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.