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Korean Messaging Giant KakaoTalk: Klaytn Blockchain is Ahead of Facebook Libra’s Network

Yeo Min-Soo, the CEO of South Korean internet giant Kakao, mentioned that Klaytn blockchain is similar to Facebook’s Libra except it has progressed much faster in its development. 

During the first Klaytn Governance Council Summit held in Seoul, Min-soo boasted “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…..”, according to the Korea Herald. 

The Klaytn platform, developed by Kakao’s own blockchain subsidiary Ground X, currently has 27 corporations in its Governance Council. The estimated combined value of this council stands at 70 trillion won (over $59.3billion USD).

At the event, Min-soo also emphasized that the platform does not belong to Kakao, but to all the members in the Klaytn council. The council is also Klaytn ecosystem’s governing body and was recently joined by top crypto exchange Binance in October. 

Min-soo said that since Klaytn’s launch in June, it has been operating without any errors and remained stable during its operation. He also claimed that the platform is estimated to be processing around 700,000 daily transactions, similar to Ethereum blockchain’s network.

In comparison, the Ethereum network recorded over 661,000 transactions on Dec 4, based on data found on BitInfoCharts.

Back in March, Kakao has announced plans to integrate a Klaytn wallet, aka Klip, in its Kakao Talk messenger. As mentioned by Min-soo, “Based on our 40 million user pool, we are putting our best efforts for a soft landing for the mass adoption of Klip.”

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