By
Chimamanda U. Martha
April 25th, 2024
World’s largest cryptocurrency exchange and global blockchain ecosystem Binance will participate in the Klaytn Governance Council and consensus node operation.
Leading blockchain project led by the South Korean Internet giant Kakao, Klaytn, announced on Tuesday that it has added Binance to the Klaytn Governance Council in order to take part in the platform’s blockchain operation that will further develop ways of how could mass blockchain adoption be brought globally.
By tackling the Klaytn platform ownership, the Council members work as crucial decision-makers for Klaytn’s business and technical growth.
They also work focusing on Klaytn-based applications development and applying its technology to their live services. Binance joins the Klaytn Governance Council together with 24 enterprises like LG Electronics, Union Bank of the Philippines, Celltrion, AhnLab and Yeahmobi.
Jason Han, the CEO of Ground X commented that from the company they “are excited to welcome the world’s leading exchange Binance to our Governance Council.” Han, who leads the development of the Klaytn platform also said that the company is looking forward to “further strengthening the Governance Council as we continue to invite leading companies in various industry domains to join, and together with our Council members, we will work towards driving mainstream adoption of blockchain.”
Binance CFO Wei Zhou commented:
“Ground X and its public blockchain project Klaytn share a mutual vision with Binance in fostering and stimulating sustainable growth in the industry and to bring meaningful use cases. We are excited to join the Klaytn Governance Council and to work with other key partners like LG Electronics and Kakao, who are the most innovative companies in Asia, to foster the growth of the global blockchain ecosystem in this joint and open effort.”
For now, Klaytn has partnered with 47 service partners, in different industry sectors. As for Binance Exchange, it is the leading global cryptocurrency exchange by trading volume whose ecosystem is formed of Binance Labs (venture capital arm and incubator), Binance DEX (decentralized exchange feature developed on top of its native, community-driven blockchain software system, Binance Chain), Binance Academy (educational portal), Binance Research (market analysis), Binance Charity Foundation (blockchain-powered donation platform and non-profit for aiding in sustainability), etc.
In other news, CEO of Binance Changpeng Zhao gave a rare interview for Sputnik in which he praised cryptocurrencies as something that “will make our world better.”
He said:
“I always feel that most people want more freedom; very few people want more restrictions. So I think we’re living in a world now, where information is relatively free-flowing, but money is not. So I think we’re at the stage where we can make this change, the technology is there. And even if we don’t do it, somebody else will do it. And making this change will make our world better.”
However, he had to mention China banning ICO’s saying Binance did theirs in July 2017, two months before the ban became official – in September of that year. The Chinese government then said they didn’t allow ICOs anymore, and the previous ICOs should try to return the invested funds to the investors.
“At that time, the BNB price was already 6X the ICO price, so no user wanted to return it for the original investment; they have to be stupid to do that. So, no one wanted to return it, and we had no way to force users to do that; and also China did not allow cryptocurrency exchanges with our friends in the country. So we just said we would move out of China; this playground doesn’t allow us to play anymore, so we’ll go somewhere else,” noted he.
We are sure that, with Klaytn, it will be much easier to “make the world better place” with the support of 23 global top-tier companies that have successfully produced massive user-based popular services in various industry domains including IT, telecommunications, content, game, and finance.