Responding to Community and Governance Members’ Concerns, LINE’s Subsidiary Finschia and Klaytn Extend Voting Period for Merger Proposal

Responding to Community and Governance Members' Concerns, LINE's Subsidiary Finschia and Klaytn Extend Voting Period for Merger Proposal

Responding to Community and Governance Members' Concerns, LINE's Subsidiary Finschia and Klaytn Extend Voting Period for Merger Proposal

In response to the requests from the community and governance members, Korean communication software company Kakao’s public chain Klaytn and LINE’s public chain Finschia announced on Wednesday (31st) to extend the voting time for the mainnet merger proposal, in order to allow all governance participants more time to further understand the proposal and coordinate communication.

According to a previous report by Zombit, Finschia (formerly known as LINE Blockchain) and Klaytn jointly proposed the mainnet merger proposal to their respective governance members and communities in mid-January, with the goal of merging Klaytn and Finschia to create a leading blockchain in Asia and accelerate the large-scale application of Web3 in Asia.

The Finschia Foundation mentioned some reasons for postponing the proposal vote in the announcement, including concerns from some governance participants about the lack of prior notification of the merger proposal, which caused an information gap. They emphasized the need for more details and time to evaluate its background and impact.

Both the Finschia Foundation and the Klaytn Foundation stated that they will share more details about the merger with the community and governance members before February 7th, and reopen the voting from February 8th to February 15th.