Klaytn and Finschia mainnet merger proposal approved, new mainnet will be compatible with EVM and CosmWasm

Layer 1 blockchains Klaytn and Finschia announced on Thursday that their proposal to merge the two networks has been officially approved by the governing members of both foundations. “Our efforts will ultimately create Asia’s largest Web3 ecosystem, including governance with participation from over 45 companies, 420 DApps and services, and a user base of over 250 million Asian wallet users,” a press release stated. Klaytn is backed by South Korean internet giant Kakao, while Finschia is developed by Japanese communications giant LINE. The two companies have established networks in Singapore, Vietnam, Taiwan, Thailand and Abu Dhabi. The two companies said they would set up a new foundation in Abu Dhabi to execute the merger under unified leadership with equal seats in Klaytn and Finschia. The new blockchain mainnet will be compatible with EVM and CosmWasm. (The Block)