News Binance joins blockchain council backed by Kakao, LG Electronics

Binance joins blockchain council backed by Kakao, LG Electronics

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Major crypto exchange Binance has joined the “governance council” of Klatyn, a blockchain network backed by Asian telecommunications titans Kakao and LG, the company announced today. 

Klatyn—a blockchain network focused on “usable” blockchain services—plans to host layer-two applications and integrate with Kakao’s own existing services. As a member, Binance will have decision-making powers, allowing it to influence the development of the network. 

A full 24 members already sit on the council, among them LG Electronics, Union Bank of the Philippines, Celltrion, AhnLab and Yeahmobi. 

The Malta-based exchange has reported an uptick in profit in recent weeks, and said that a recent quarterly “burn” of its tokenized equity—done as a proportion of revenues—was higher than any that came before. Asian exchanges in general, meanwhile, have reported a similar upturn

It’s unclear how Binance stands to benefit from the Klatyn involvement. The exchange already has its own blockchain platform, run by “validators” close to Binance, and recently announced its own cryptocurrency, Venus, which bears some resemblance to the proposed Facebook-led digital currency, Libra. Binance did not immediately respond to Decrypt’s request for clarification.

In a statement, Binance CFO Wei Zhou said the goal was to advance the two companies’ “mutual vision with Binance in fostering and stimulating sustainable growth in the industry and to bring meaningful use cases.”

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