03 June 2024, Philippines — Kaia, the new blockchain platform formed by the merger of Klaytn and Finschia, has been unveiled in the Philippines as a strategic move to tap Asia’s potential as a blockchain hub.
Klaytn, originally developed by Kakao Enterprise, is South Korea’s leading blockchain network. With a market capitalization of $671 million, it is accessible to virtually every South Korean resident through the built-in wallet in the Kakao super app, which over 96% of South Koreans use.
Finschia Foundation was established by LINE Tech Plus, a blockchain subsidiary of LINE. Finschia Foundation is dedicated to developing sustainable token models in collaboration with global Web3 users. LINE NEXT Inc., LINE’s venture dedicated to developing and expanding the Finschia Web3 ecosystem, operates the non-fungible token (NFT) marketplace DOSI and is a partner and governance member of Finschia.
Through this merger, Kaia will have access to a potential user pool of over 250 million across Asia, through partnering with the Kakao and LINE’s channels, streamlining the Web3 experience for users, developers, investors, and enterprises. Kaia also boasts a robust ecosystem of over 420 decentralized applications (DApps), making it Asia’s largest Web3 ecosystem.
Kaia will merge KLAY (Klaytn’s token), which is currently listed in Coins.ph, and FINSCHIA (Finschia’s token) into a new unified coin. Existing KLAY and FINSCHIA holders will be able to swap their holdings for KAIA upon its launch.
“Kaia’s launch in the Philippines unlocks easier access to advanced blockchain technology. Filipino developers and entrepreneurs can now create and deploy DApps more efficiently, leveraging the combined support and expertise of established platforms like Klaytn and Finschia,” said Dr. Sam Seo, Representative Director of Klaytn Foundation.
Klaytn has built a strong foundation for Kaia’s entry, having strong local support from key organizations such as the Blockchain Council of the Philippines, Bitskwela and YGG. These partnerships have been instrumental in building a robust foundation for the Philippines to embrace Kaia’s advanced blockchain technology.
Philippine Web3 Gaming
In 2022, the Philippines ranked fourth globally in the NFT Gaming Adoption Report by global fintech platform Finder. Blockchain technology has the potential to benefit Filipinos in all aspects of life, and the gaming industry is set to be the first to experience the transformative impact of Kaia.
Kaia has announced the launch of “Infinite Shooting” and four other highly anticipated games in partnership with 3KDS, and Web3-powered arcade games from Another World. A collaboration between LINE and SEGA is also underway, hinting at a groundbreaking game leveraging Kaia’s advanced blockchain technology.
“The Philippines has a dynamic and tech-savvy population, which makes it an ideal growth hub for Kaia. We aim to leverage our experience from Kakao and LINE to enhance the Web3 space here further,” Seo commented.
