Facebook’s Libra Network Falls Behind Klaytn Blockchain, Kakao CEO Reveals

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South Korea’s Kakao claimed that the Klaytn Blockchain that is comparable to Facebook’s Libra will be launching soon.

As per the November 28 report of the Korea Herald, Yeo Min-soo, the CEO of Kakao praised the development of Klaytn in the first Klaytn Governance Council Summit that happened in Seoul.

In the summit, Klaytn said that Facebook’s Libra was set in motion last month in hopes to employ 100 partners. He also emphasized that Libra is making a similar method to Klaytn; however, it still has not reached the milestone that Klaytn has reached. Furthermore, Min-soo claimed that in 2020, Klaytn would be Asia’s biggest Blockchain confederation.

Developed by Kakao’s Blockchain subordinate Ground X, the Klaytn platform presently has 27 organizations in its Governance council. The summation of all the firms’ value reportedly reaches 70 trillion won, which is converted to more than $59.3 billion.

During the summit, Min-soo highlighted that the platform is not Kakao’s but to every Klaytn council members. The said council is the ecosystem of Klaytn’s decision-making group. It was joined by Binance, a major crypto exchange in October.

Furthermore, Min-soo said that ever since it was set in motion in late June, Klaytn has been unwavering and operated with no errors stopping its operation. He also claimed that the platform is now handling a day-to-day trade volume of more or less 700,000, analogous to the Ethereum that was active ever since 2015.

According to a report from BitInfoCharts, Ethereum’s Blockchain managed more than 674,000 trades on November 17.

Kakao plans to integrate a Klaytn wallet, which they will call Klip, in its app Kakao Talk messenger. The owner of Kakao also said that they are placing their best determinations for a lenient arrival for mass implementation of Klip.

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