Yeo Min-soo, the CEO of South Korean internet giant Kakao, said that his firm's Klaytn blockchain is similar to Facebook's Libra except it is way ahead in its development. "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 developed by Kakao's blockchain subsidiary Ground X, currently has 27 firms in its Governance Council, of which the combined value is reportedly 70 trillion won. During the event, Min-soo emphasized that the platform does not belong to Kakao, but to all the Klaytn council members. The council is the Klaytn ecosystem's decision-making body and was joined by major crypto exchange Binance in October.

According to blockchain data website BitInfoCharts, Ethereum's blockchain processed over 674,000 transactions on Nov. 27. As Cointelegraph reported in March, Kakao plans to integrate a Klaytn wallet, dubbed Klip, in its Kakao Talk messenger.