Klaytn Blockchain Ahead of Facebook’s Libra

Yeo Min-soo, the CEO of South Korean internet giant Kakao, said that his firm’s Klaytn blockchain is like Facebook’s Libra except it is way ahead in its development.

According to the Korea Herald on Nov. 28, Min-soo extolled Klatyn’s development during the first Klaytn Governance Council Summit held in Seoul saying that Facebook’s Libra launched last month with aims to recruit 100 partners. ”Libra is taking a similar approach to ours, but it has yet to experience the milestones we have crossed. Next year, Klaytn will become Asia’s biggest blockchain consortium.”

The Klaytn platform, which is developed by Kakao’s blockchain subsidiary Ground X, currently has 27 firms in its Governance Council, of which the combined value is reportedly 70 trillion won (over $59.3 billion). 

During the event, Min-soo emphasized that the platform does not belong to Kakao, but to all the Klaytn council members. The council is the Klaytn ecosystem’s decision-making body and was joined by major crypto exchange Binance in October.

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