Fintech PR
Klaytn and Finschia Jointly Propose a Chain Merge to Create Asia’s Leading Blockchain Ecosystem
- Klaytn Foundation and Finschia Foundation have submitted a proposal to merge the two blockchains to create Asia’s Web3 technological and ecosystem powerhouse.
- If passed, the merger will see the unification of South Korea’s leading blockchain with Japan’s leading blockchain, to form a unified ecosystem comprising over 420 DApps and 250 million wallets integrated with Kakaotalk and LINE, two popular messaging platforms in Asia.
- The proposed new blockchain will be compatible with both EVM and CosmWasm, inheriting the strengths of both Klaytn and Finschia.
- The proposal also details the replacement of KLAY and FNSA with a new native coin that features improved tokenomics and no ecosystem reserve. Holders of KLAY and FNSA will be able to swap for the new blockchain’s native coin upon issuance.
SINGAPORE, Jan. 16, 2024 /PRNewswire/ — Klaytn Foundation, established to build and decentralize the ecosystem of South Korea’s leading Layer 1 blockchain Klaytn, has teamed up with Finschia Foundation, the operator of the Finschia blockchain developed by LINE Tech Plus, to propose the merger of the two existing blockchains into a new mainnet. The two blockchain foundations will submit the integration proposal to their respective governance members today to open up the proposal for discussion, and voting will take place from 26 January till 2 February 2024.
The proposal aims to create a new industry leader with a technologically superior blockchain that supports both EVM and CosmWasm, as well as one of the largest ecosystems of DApps and users in Asia. The two foundations will also merge into one organization, combining their technology, services, and business networks which include Kakao, LINE, and many other strategic partners.
The creation of Asia’s largest Web3 ecosystem
The proposed merging of Klaytn and Finschia, the de-facto Web3 leaders in South Korea and Japan respectively, will create Asia’s largest Web3 ecosystem with a massive user base of over 250 million1 digital wallets interacting with more than 420 DApps. The new mainnet will inherit Klaytn’s integration with Kakaotalk and Finschia’s integration with LINE—both leading messaging platforms used across Asia—bringing a user-friendly, integrated Web3 experience straight into the phones of hundreds of millions of users.
Post-merge, the unified foundation will continue to pursue ecosystem expansion in the RWA tokenization, GameFi and DeFi verticals through collaborations with Japanese, South Korean, and Southeast Asian partners, while continuing to develop messenger-based Web3 services and the digital commerce platform. With access to every Kakaotalk and LINE user, the new public blockchain will also act as a springboard for Asia’s IT and entertainment enterprises. Last but not least, the merger will also create the largest Web3 business network in Asia.
Should the proposal pass both Klaytn and Finschia’s governance voting processes, the two foundations will immediately begin work on the chain merge, as well as the following business initiatives:
- Infrastructure development to enhance accessibility for institutional investors
- Strengthening of the DeFi infrastructure and launch of a native stablecoin
- Discovery and onboarding of AI-based DApps
- Enhancing the onboarding infrastructure for Web2 companies to bring their digital items, memberships, ticketing platforms and more on-chain
- Onboarding of top-tier Japanese gaming companies and Web3 projects featuring global IP
- Cultivating of communities of holders, developers, and partners in each Asian country
Improved tokenomics focused on sustainable value creation
With the chain merge, KLAY and FNSA, the native coins of the two blockchains, will be replaced by a new native coin which will be issued based on the combined total amount of KLAY and FNSA. Holders of KLAY and FNSA will be able to swap for the new native coin upon issuance.
Drawing on the combined experience of both foundations, the proposed tokenomics for this new native coin will focus heavily on delivering sustainable value creation. This will be achieved via a lower base inflation rate and a 3-layer burning model designed to drive the coin towards deflation as network activity increases.
Additionally, 24% of the new coins issued—equivalent to the bulk of non-circulating KLAY—will be immediately burned to implement Zero Reserve Tokenomics, providing holders with greater certainty. Instead of operating off of reserves, the new foundation will operate transparently via an ecosystem fund and an infrastructure fund that are continuously replenished via block rewards.
Enhanced governance, decentralization, and interoperability
Klaytn’s and Finschia’s governance members will also be merged, creating Asia’s largest decentralized Web3 governance structure comprising 45 leading global enterprises with the capacity to expand up to 100 governance members. Permissionless validation is also planned for the new blockchain, allowing anyone to participate as a network validator, enhancing openness and security.
Additionally, with support for both EVM and CosmWasm, the merged blockchain will be accessible to both Ethereum and Cosmos builders, leveraging the technological advantages of each while enabling greater interoperability between the two ecosystems.
“We are excited to be taking the first step toward unlocking the enormous synergy of merging the public blockchains started by Kakao and LINE, which are both leading IT companies in Asia,” said Klaytn Foundation and Finschia Foundation. “We will give our best to make this merge an opportunity to innovate and lead the Asian blockchain industry in both technology and adoption.”
To address questions regarding this proposal, representatives from the two foundations will be speaking at the upcoming Klaytn Community Town Hall scheduled on Friday, 19 January 2024. More information on this Town Hall will be shared on the official community and social platforms of Klaytn and Finschia Foundation.
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1. The wallet user base is a figure that sums up the Monthly Active Users (MAU) in major Asian countries for Kakao and LINE, the initial developers of the two blockchains. |
About Finschia Foundation
The Finschia Foundation is an independent non-profit organization, based in Abu Dhabi, UAE, established in March 2023 to expand public blockchain and Web3 technologies. Inheriting the philosophy of LINE Blockchain’s “Blockchain for All”, the Foundation operates its third-generation public blockchain mainnet Finschia and crypto asset FINSCHIA (FNSA), and aims to achieve a sustainable token model with Web3 users around the world.
About Klaytn Foundation
Klaytn Foundation was established in 2020 to expand the ecosystem of Klaytn, a global Layer 1 blockchain platform, and has since been actively collaborating with its Governance Council members worldwide. Klaytn Foundation facilitates the adoption and development of new technologies to ensure that Klaytn fulfills its role as an open, trusted, and sustainable blockchain platform for developers and users alike. It also facilitates decision-making to ensure that the ecosystem continues to expand optimally in the rapidly changing blockchain landscape. In line with its long-term Governance Roadmap, Klaytn Foundation plans to fully implement the Decentralization Phase of the Klaytn blockchain in 2023 and beyond.
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MIAMI, Dec. 5, 2024 /PRNewswire/ — H.I.G. Bayside Capital, the special situations credit affiliate of H.I.G. Capital (“H.I.G.” or the “Firm”), a leading global alternative investment firm with $66 billion of capital under management, is pleased to announce the final closing of H.I.G. Bayside Loan Opportunity Fund VII (the “Fund”). The Fund closed with $1 billion of aggregate capital commitments and continues the Firm’s successful strategy of investing in special situation credit opportunities in the European middle market.
Established in 2006, H.I.G. Bayside’s European strategy invests primarily in senior secured European stressed and special situations credit, targeting equity-like returns. The Fund’s disciplined approach to portfolio construction and deal selection has consistently resulted in higher returns and a lower level of volatility relative to comparable credit indices. The Fund’s predecessor, H.I.G. Bayside Loan Opportunity Fund V, was named “Best Performing Debt Fund” by Private Equity Wire/Bloomberg in 2022.1
Sami Mnaymneh and Tony Tamer, H.I.G. Co-Founders and Co-Executive Chairmen, commented: “H.I.G. is one of the largest and most active credit investors dedicated to the middle markets. The H.I.G. Bayside Europe team benefits from our highly synergistic platform across the U.S., European, and Latin American middle markets, as evidenced by the risk-adjusted returns the Firm has generated over multiple cycles.”
Andrew Scotland and Duncan Priston, H.I.G. Bayside Europe Fund Co-Heads, commented: “We are very pleased to have fresh capital to deploy into one of the most compelling market environments for special situations credit investing where a significant number of levered European businesses are facing challenges. Our team is well positioned to capitalize on the investment opportunities available.”
Jordan Peer Griffin, Executive Managing Director and Global Head of Capital Formation, added, “We aim to provide limited partners with a full spectrum of investment opportunities across private equity, credit, and real assets in the middle market. Limited partner backing of the Fund demonstrates strong interest in the middle market and conviction in H.I.G.’s differentiated approach. We are thankful for the strong support the Fund received from a diverse and global investor base in North America, Europe, Asia, and the Middle East, including public and private sector pensions, endowments, foundations, asset managers, consultants, fund of funds, financial institutions, and family offices.”
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1 H.I.G. Bayside Loan Opportunity Fund V was named “Best Performing Debt Fund Over $1.5B” by Private Equity Wire/Bloomberg in November 2022. |
About Bayside Capital
Bayside Capital is the special situations affiliate of H.I.G. Capital. Focused on middle market companies, Bayside invests across several segments of the primary and secondary debt capital markets with an emphasis on long term returns. With eight offices throughout the U.S. and Europe and over 500 investment professionals to draw upon, Bayside has the experience, resources, and flexibility required to generate superior risk-adjusted returns. For more information, please refer to the Bayside website at bayside.com.
About H.I.G. Capital
H.I.G. is a leading global alternative investment firm with $66 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to mid-sized companies, utilizing a flexible and operationally focused/value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
- H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.
Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.
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*Based on total capital raised by H.I.G. Capital and affiliates. |
Contacts:
Jordan Peer Griffin
Executive Managing Director
[email protected]
Duncan Priston
Co-Head of Bayside Europe
[email protected]
Andrew Scotland
Co-Head of Bayside Europe
[email protected]
H.I.G. Capital
1450 Brickell Avenue
31st Floor
Miami, FL 33131
P: 305.379.2322
hig.com
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WINDSOR, Conn., Dec. 5, 2024 /PRNewswire/ — SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), a global provider of software and software-enabled services for the financial services and healthcare industries, today announced that Bill Stone, Chairman and CEO, will present at Abu Dhabi Finance Week. The event, which takes place on Al Maryah Island in Abu Dhabi Dec. 9-12, is expected to draw more than 18,000 finance professionals from more than 100 countries.
Bill Stone will join Aron Landy, CEO of Brevan Howard, and Leda Braga, CEO of Systematica Investments, on the “Inside the Hedge Fund Industry” panel on Dec. 10 at 10:40 a.m. Dan Murphy, CNBC anchor and correspondent, will moderate.
A recording of the panel will be made available by the organizers after the event.
About SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 20,000 financial services and healthcare organizations, from the world’s largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology.
Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com. Follow SS&C on Twitter, Linkedin and Facebook.
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View original content:https://www.prnewswire.co.uk/news-releases/ssc-to-present-at-abu-dhabi-finance-week-302323426.html
Fintech PR
Vantage Markets celebrates Copy Trading success with viral video campaign, featuring duets by top influencers from India and Vietnam
PORT VILA, Vanuatu, Dec. 5, 2024 /PRNewswire/ — In celebration of 15 years of empowering traders, Vantage Markets (“Vantage”) is thrilled to announce the resounding success of its latest copy trading video campaign, Join the Move, Mirror the Trade. The campaign, creatively blending dance and copy trading, has taken social media by storm with top influencers from India and Vietnam enthusiastically dueting with the video and amplifying its reach across the region.
With each influencer’s unique dance style syncing seamlessly with the video’s playful choreography, Join the Move, Mirror the Trade has achieved a widespread impact, inspiring a new wave of traders to explore the possibilities of copy trading. Featuring influencers such as Nguyen Pham from Vietnam and R Raj Sharma from India, the video campaign has created a vibrant, accessible way for new traders to learn about copy trading. This surge of influencer participation has helped Vantage spark a meaningful dialogue about financial empowerment, connecting with the next generation of traders in a fresh, dynamic way.
Join the Move, Mirror the Trade: Making Trading Accessible for All
At the heart of Vantage’s campaign is its Copy Trading feature, which allows users to mirror the strategies of experienced traders through an intuitive, user-friendly interface. This approach empowers new traders to build confidence and learn from seasoned experts in a simplified format – much like following dance moves in a duet. Through expanded multi-currency support, multi-account compatibility, and a low minimum deposit of $50, Vantage ensures that copy trading is within reach for traders of all levels.
Marc Despallieres, Chief Strategy and Trading Officer at Vantage Markets, commented, “Over the last 15 years, our commitment to trading excellence and innovation has only strengthened. The success of this campaign underscores our mission to empower and inspire the new generation of traders. Join the Move, Mirror the Trade truly captures the spirit of learning through connection, and we are thrilled to see how influencers and their audiences have embraced it.”
A Celebration of 15 Years of Innovation
This campaign marks an important milestone in Vantage’s 15-year journey of advancing financial inclusion and innovation in trading. Vantage’s vision of trading excellence continues to resonate globally, with this video campaign as a testament to its powerful, positive impact on a new generation of traders.
Watch the viral video and join the movement here.
About Vantage
Vantage Markets (or Vantage) is a multi-asset CFD broker offering clients access to a nimble and powerful service for trading Contracts for Difference (CFDs) products, including Forex, Commodities, Indices, Shares, ETFs, and Bonds.
With over 15 years of market experience, Vantage transcends the role of broker, providing a trusted trading ecosystem, an award-winning mobile trading app, and a user-friendly trading platform that empowers clients to seize trading opportunities. Download the Vantage App on App Store or Google Play.
trade smarter @vantage
RISK WARNING: CFD trading carries significant risks. You could lose more than your initial investment.
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View original content:https://www.prnewswire.co.uk/news-releases/vantage-markets-celebrates-copy-trading-success-with-viral-video-campaign-featuring-duets-by-top-influencers-from-india-and-vietnam-302323652.html
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