Klaytn: ‘Libra Has Yet to Experience the Milestones We Have Crossed’

While Libra continues to hit stumbling block after stumbling block, Kakao’s Klaytn looks set for world domination.

The Korea Herald has quoted Kakao CEO Yeo Min-soo saying that while Klaytn’s expansion centers around Asia, “it will gradually spread, in the end becoming the best global blockchain platform.”

Yeo, who was speaking at the first Klaytn Governance Council Summit held in Seoul, added that they “will not spare any investment and implore the Governance Council members to actively join in on the growth of our ecosystem.”

Klaytn, which was launched just five months ago, is already logging 700,000 transactions a day – roughly the same amount as Ethereum.

Half of Korea’s major firms have already adopted Klaytn, including the nation’s third-largest chaebol, SK Networks, and Korean defense juggernaut Hanwha Systems. LG Electronics and Celltrion are also members, and so are gaming companies Netmarble and WeMade.

Outside of Korea, members include Binance, the world’s largest cryptocurrency exchange by volume, and Hashkey, China’s Wanxiang Blockchain Labs’ Hong Kong-based strategic partner.

Han Jae-sun, CEO of Ground X, the company that develops Klaytn, had this to say about the platform’s progress:

“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,” said Han, “Next year, Klaytn will become Asia’s biggest blockchain consortium.”

Photo: Marco Verch / Creative Commons 2.0