Kakao CEO Says Klaytn Blockchain Is Ahead of Libra’s Development

South Korean internet tycoon Kakao CEO Yeo Min-soo stated that his company’s Klaytn blockchain is like Facebook’s Libra except that it is way ahead in its advancement. 

As per the Korea Herald on November 28, Min-soo praised Klatyn’s creation during the first Klaytn Governance Council Summit event in Seoul:

“Facebook’s Libra launched last month with aims to recruit 100 partners. Libra is taking a similar approach to ours, but it has yet to experience the milestones we have crossed. […] Next year, Klaytn will become Asia’s biggest blockchain consortium.”

The Klaytn platform, which is created by Kakao’s blockchain subsidiary Ground X, as of now has 27 companies in its Governance Council, of which the joined worth is supposedly 70 trillion won (more than $59.3 billion).

During the occasion, Min-soo underscored that the platform is not owned by Kakao, but belongs to all the Klaytn council members. The council is the decision-making body of Klaytn ecosystem and was joined by major cryptocurrency exchange Binance in October.

Min-soo stated that since its introduction in late June, Klaytn has been steady and operated with no errors stopping its activity. He guaranteed that the platform is presently preparing a daily exchange volume of roughly 700,000, similar to the Ethereum blockchain, which has been active since 2015.

As per blockchain information site BitInfoCharts, Ethereum’s blockchain facilitated more than 674,000 transactions on November 27.

As previously reported in March, Kakao intends to incorporate a Klaytn wallet, named Klip, in its Kakao Talk messenger. Min-soo addressed the subject during the occasion, saying, “Based on our 40 million user pool, we are putting our best efforts for a soft landing for the mass adoption of Klip.”

Kakao introduced in September a special release of Samsung’s Galaxy S10 smartphone in collaboration with the firm. The company purportedly preloaded the gadgets with its Klay tokens.