Kaia blockchain launched in the Philippines to tap Asian market
Kaia, the newly formed blockchain platform, has been unveiled in the Philippines, reflecting a strategic move to leverage Asia’s potential as a blockchain hub. Klaytn, developed by Kakao, is South Korea’s blockchain network with a significant user base, while Finschia Foundation, established by LINE Tech Plus, focuses on sustainable token models and operates the NFT marketplace DOSI.??
Through the merger, Kaia will tap into a potential user base of over 250 million across Asia by leveraging the extensive channels of Kakao and LINE. The platform will support over 420 decentralised applications (DApps), making it the largest Web3 ecosystem in Asia. The unified token will combine KLAY (Klaytn’s token) and FINSCHIA (Finschia’s token), with existing holders able to swap their assets for the new KAIA token.??
Dr. Sam Seo, Representative Director of Klaytn Foundation, highlighted the benefits of Kaia’s launch in the Philippines, stating, “Filipino developers and entrepreneurs can now create and deploy DApps more efficiently, benefiting from the combined support of Klaytn and Finschia.”??
Local support and partnerships
Kaia’s entry into the Philippines is supported by key local organisations such as the Blockchain Council of the Philippines, Bitskwela, and YGG. The Philippines is a significant player in the global NFT gaming market, ranking fourth in the 2022 NFT Gaming Adoption Report by Finder. ??
Kaia aims to capitalise on this by launching several Web3-powered games, including “Infinite Shooting” and other titles developed in partnership with 3KDS and Another World. A notable collaboration with LINE and SEGA is also in the works, promising innovative games utilizing Kaia’s blockchain technology.??
Seo noted, “The Philippines, with its tech-savvy population, is an ideal growth hub for Kaia. We plan to leverage our experience from Kakao and LINE to further enhance the Web3 space here.”??
Introduction of Kaia blockchain
Last month, two major IT giants, Kakao and Naver, merged their blockchain platforms, Klaytn and Finschia, respectively, to create a new entity named Kaia. The creation of Kaia aims to establish a leading blockchain network in Asia. This merger is expected to create a virtual asset project with a market capitalization of 1.4 trillion won (€ 944.4 million). Kim Woo-seok, director of Finschia Foundation, emphasised the goal of creating technological synergy, stating, “Our aim is to integrate the strengths of both platforms to create a robust blockchain network.”??
