Big Crypto Exchanges Join Kakao’s Blockchain Division

Rick Delafont

5 years ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Malta-based crypto asset exchange OKEx is the latest name to join the blockchain project of the Korean social messaging giant Kakao. OKEx said in a press release that it hopes its involvement with Klaytn, as the public network is called, will help encourage blockchain adoption around the world.

The public blockchain aimed at enterprise users has been on something of a recruiting drive of late. OKEx joins fellow crypto exchange Binance as a partner of Klaytn but in a different capacity.

Crypto Exchanges Join Kakao’s Blockchain Department

OKEx, one of the planet’s largest crypto asset exchange platforms, has just announced a major new partnership. The company has joined Klaytn, the public blockchain project by Korean messaging company Kakao. The crypto trading company has become one of the project’s Ecosystem Partners.

Fellow Ecosystem Partners include Samsung Blockchain, IDG Capital, and Shinhan Bank. Klaytn defines the role of ecosystem partners on its website:

“Ecosystem Partners are the leading business partners whose great networks and portfolios allow many different service providers to join Klaytn platform and contribute to increasing Klaytn’s market share.”

Andy Cheung, the Head of Operations at OKEx, said that the crypto exchange was excited to be part of the Klaytn blockchain project. He added:

“Exchanges and projects itself should work together to define and adopt standards that will promote digital asset adoption globally.”

As mentioned, OKEx is not the only big name from the crypto asset exchange industry that has recently partnered with Klaytn. Earlier this week, IBS Intelligence reported on Binance joining the project.

Unlike OKEx, Binance has joined Klaytn on its Governance Council. According to the project’s site:

“Klaytn Governance Council is an alliance of multinational businesses and organizations, responsible for operating the consensus node network and driving the ecosystem growth.”

Binance joins LG Electronics, Union Bank, and 22 other companies on the Council. CEO of Ground X, the company heading the development of the Klaytn platform, Jason Han, commented:

“We are excited to welcome the world’s leading exchange Binance to our Governance Council.”

He went on to say that new members would be added to the Governance Council in the future. Meanwhile, the CFO at Binance called the other companies it would be working with the most innovative in Asia and said that Klaytn would help promote the adoption of blockchain technology around the world.

Kakao is the company behind KakaoTalk, an instant messaging application popular in South Korea. In fact, the app is thought to be on as many as 93 percent of the smartphones in the nation.

Featured Image from Shutterstock.

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.