Binance joins Klatyn’s governance council

• Companies such as LG Electronics, Unionbank of the Philippines and Celltrion are also part of the council.  
• A press release states that Binance is the first blockchain firm to join the council.

Klatyn, a blockchain project managed by internet giant Kakao, recently announced that Binance will be joining its governance council. In a joint press release shared with Cointelegraph on Oct. 22, Binance announced its collaboration with Klaytn to encourage the mass adoption of blockchain.  

Binance joins a league of 24 other member companies such as LG Electronics, Unionbank of the Philippines and Celltrion. They will collectively make critical decisions for Klaytn’s business and technical developments. The press release states that Binance is the first blockchain firm to join the council. In parallel with working on the network’s governance, the exchange will also take part in consensus node operation.  

Kakao’s blockchain counterpart Ground X launched the mainnet of its Klaytn platform on June 27. Earlier this year, the Klaytn network raised about $300 million in two different initial coin offering rounds. The blockchain technology will lay a foundation for a blockchain-based payment system that Ground X developed in collaboration with Irish startup Festy.