Binance Joins Governance Council of Kakao's Klaytn Blockchain

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.

Klaytn is currently working with Woori Bank and Shinhan Bank, two of the largest lenders in the country, on blockchain-based financial offerings while Samsung Electronics has developed a KlaytnPhone.

The network powers Klip, a digital wallet that supports Kakao's Klay cryptocurrency, which was listed in Indonesia last month. The cryptocurrency is key to the functionality and use of the Klaytn platform in the region.

CZ of Binance image courtesy to Binance