The Block • October 22, 2019, 3:00AM EDT

Binance joins governance council of Kakao’s public blockchain network Klaytn

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The Block

Cryptocurrency exchange Binance has joined the governance council of Klaytn, a public blockchain network by South Korean Internet giant Kakao’s subsidiary, Ground X.

Binance is the first blockchain firm to join the council, Kakao announced Monday, adding that the other 24 members of the council include enterprises such as LG Electronics and UnionBank of the Philippines. Klaytn mainnet was launched in June.

Members of the council work as key decision-makers for Klaytn network’s business and technical developments such as running nodes, as well as work towards building Klaytn-based applications.

Kakao said, “more than a dozen” of its 47 partners to date, have already launched blockchain services based on Klaytn, and others are expected to launch later this year.

Ground X CEO Jason Han said the firm will further strengthen the governance council by inviting “leading companies in various industry domains” to join the Klaytn network and drive mainstream adoption of blockchain.