In a landmark decision, the governance bodies of both Klaytn and Finschia have approved a merger. The objective is to pave the way for an expansive web3 ecosystem across Asia, connecting a network of over 45 companies, supporting 420 dApps and services, and catering to an impressive user base of over 250 million wallet holders.

The merger was publicly announced this Thursday, revealing ambitious plans for growth in key Asian markets, including Singapore, Vietnam, Taiwan, Thailand, and Abu Dhabi. These regions are poised to become central hubs in the development of a robust web3 presence.

A fresh foundation will be set up in Abu Dhabi to manage the merger’s complexities. This new entity will boast a balanced leadership team drawn from both Klaytn and Finschia, ensuring a harmonious integration of the two blockchains. The fusion of these platforms will support the Ethereum Virtual Machine and CosmWasm, expanding their technological capabilities.

The integration process is ambitious, with a goal to merge tokens and governance structures by the year’s second quarter. This will include the introduction of a novel native token specific to the joint blockchain. Additionally, a significant portion of the existing token supply, approximately 22.9% valued at $384 million, is set for burning to streamline the new token economy.

The partnership harbors grand plans for the future. A stablecoin is on the horizon, as well as initiatives to develop decentralized finance (DeFi) solutions. Additionally, there is a concerted effort to build an adoption infrastructure that will facilitate the transition of web2 companies into the blockchain era.