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Blockchain Press Releases

Klaytn and Finschia Merge Proposal Passes, Creating Asia’s Largest Blockchain Ecosystem

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  • By combining the technology and competitiveness of each blockchain network, the merged entity will become Asia’s largest Web3 ecosystem
  • A joint task force will be launched to establish an integrated foundation and mainnet
  • The merged blockchain will be compatible with both Ethereum and Cosmos, with the new native coin featuring sustainable tokenomics

SINGAPORE, Feb. 15, 2024 /PRNewswire/ — Klaytn Foundation, operator of South Korea’s leading Layer 1 blockchain Klaytn, announced today that its joint network merger proposal with Finschia Foundation, the Abu Dhabi-based foundation that is the independent successor to LINE Blockchain’s mainnet and digital asset operations, has successfully passed voting by the two bodies’ governance members. Accordingly, the two foundations will jointly launch an integrated mainnet to establish Asia’s largest Web3 ecosystem.

The proposal aims to create Asia’s leading blockchain network based on superior blockchain technology, services, and business acumen. The proposal was submitted and voted on by each chain’s governance members, with 95% from Finschia and 90% from Klaytn voting in favour, passing the joint proposal. The merged network will have approximately 420 DApps and more than 45 governance member partners, spurring the popularization of Web3 as Asia’s largest blockchain ecosystem.

Following the passage of the proposal, the two foundations will set up a joint task force to merge the two chains and establish an integrated foundation in Abu Dhabi by the second quarter of this year. To operate the foundation efficiently, the foundation will adopt a single governance system with previous operating teams transferred to an integrated foundation. In addition, Finschia and Klaytn foundations will jointly operate the board with the same number of directors from each foundation.

Leveraging on the technological expertise of both Klaytn and Finschia Foundations, the development plan for the new merged blockchain will include greater decentralization as well as support for both EVM and CosmWasm. KLAY and FNSA, the native coins of the two blockchains, will also be replaced by a new native coin with all-new tokenomics. To increase the transparency of operations, the merged chain will also increase the governance delegation and participation from the community as well. 

Additionally, the foundation plans to work on new business initiatives such as infrastructure development to enhance accessibility for institutional investors, cooperating with diverse partners, and launching native stable coins to drive innovation in Asia’s blockchain industry.

“There was no one blockchain network that represented the Asian market, and the level of community participation had much to be desired,” said Youngsu Ko, Chairman of the Finschia Foundation Council. “We plan to build Asia’s largest blockchain ecosystem with the diverse opinions from our partners and community that we gathered during the merger proposal process.”

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“In the process of fine-tuning the merge proposal, we have seen how much positive change can be made through sincere communication with ecosystem participants, including the holder community and governance council members,” said Sam Seo, Representative Director at Klaytn Foundation. “As we emphasized during the proposal process, together we will build Asia’s best blockchain ecosystem that will create greater future value.”

Details on the merge proposal can be found on the Klaytn Foundation governance forum. (https://govforum.klaytn.foundation/t/kgp-25-klaytn-finschia-mainnet-merge/719)

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.

About Finschia Foundation

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The Finschia Foundation is an independent foundation, 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.

Media Inquiries
Klaytn Foundation: [email protected]
LINE Global PR: [email protected]

Disclaimer: The FINSCHIA (FNSA) staking and swapping activities available on the blockchain mainnet “Finschia” are not regulated and are not provided under the Finschia Foundation license.

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Blockchain Press Releases

Sweat Your Way to Rewards: Live4Well Revolutionizes Wellness with Innovative “Exercise-to-Earn” Ecosystem

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HONG KONG, Nov. 18, 2024 /PRNewswire/ — The past decade has witnessed a dramatic shift in consumer behavior, with online shopping becoming the norm, further accelerated by the pandemic. Reward programs have sprung up everywhere, incentivizing spending and fostering brand loyalty. The core of cashback is to encourage consumers to develop a habit of continuous shopping through rewards. This same logic is beginning to take root in the field of sports and health.

GYMetaverse, the innovative team behind the successful Live4Well Genesis NFT collection, is disrupting the rewards landscape with the launch of its upgraded VIV PASS program. This groundbreaking “move-to-earn” ecosystem incentivizes healthy habits, transforming sweat equity into tangible rewards. Live4Well envisions a positive feedback loop where exercise leads to better health, and better health leads to tangible benefits, realizing the concept of “health as wealth.”

Pioneering the “Fitness Mileage” Concept: Earn Rewards for an Active Lifestyle

This inclusive program is open to users worldwide with zero barriers to entry. In just minutes, users can download the Live4Well mobile app and register for free access to the VIV Pass ecosystem. Initially, Sweat Points, the program’s reward currency, can be earned through three primary avenues:

(1) Daily Exercise — Users accumulate points by tracking steps and calories burned, turning daily workouts into rewarding experiences.

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(2) Competition Participation — Points are awarded for participating in designated sporting activities, simply by uploading proof of participation.

(3) Health & Fitness Spending — Users can upload receipts for eligible purchases in the designated sports and wellness categories to earn additional Sweat Points.

Live4Well makes the benefits of exercise immediately tangible, converting effort into visible rewards. Accumulated Sweat Points can be redeemed for a variety of prizes, including cash vouchers, fitness products, and exercise classes. The Live4Well app also empowers users to track their fitness data and participate in engaging challenges.

Creating a Global Sharing Economy: A triple win for Users, Businesses, and the Industry

Live4Well‘s vision extends beyond simply creating a health management platform. The “exercise-to-earn” concept fosters a mutually beneficial ecosystem:

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(1) User BenefitsVIV PASS motivates individuals to adopt and maintain healthy exercise habits through a rewarding system.

(2) Business Advantages — The platform connects businesses with their target audience through community engagement and strategic partnerships, driving more effective product promotion.

(3) Industry Transformation — By creating a “move-to-earn” economy, Live4Well stimulates consumer spending, transforming calorie expenditure into a quantifiable reward unit. This innovative approach empowers businesses to generate revenue, expand operations, and seamlessly connect the virtual and physical worlds.

Since its inception, Live4Well‘s fitness alliance ecosystem has continued to expand. With ongoing optimization of its operational framework, the VIV PASS ecosystem provides easy access and a tiered membership system, fostering a comprehensive wellness mechanism which stimulates consumer engagement, and builds a thriving global sharing economy.

To learn more, please visit: https://www.live4well.io

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Blockchain Press Releases

Bybit Crypto Titans: November Arena Boasts 55,000 USDT in Rewards

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DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, opens up the November arena for the Bybit Crypto Titans trading competition. Available for users in select regions, a prize pool of 55,000 USDT will be available for a limited time only.

From now to Nov. 30, eligible traders can level up their trading strategies and amplify their winning chances by inviting friends to share two prize pools in two simple steps: register for the event at the Grand Arena, and invite friends and trade.

Battlefields: Once in the Arena, users can pick their battlefields. Up to 30,000 USDT are up for grabs in the Team Battlefield ranked by total trading volume, while another 15,000 USDT is reserved for traders in the Solo Battlefield competing by PnL(%).

More perks: Additionally, top traders and leaders will receive extra perks. Participants will receive a bonus 5 USDT for every new qualified referee, and the first 50 Team Leaders whose team exceeds a threshold amount in trading volume will be entitled to a 100 USDT bonus.

“As trading volumes overall are climbing, we are seeing so many talented traders in our community with a knack for navigating fast-moving markets. This event gives some of them an incentive to share their passion with their friends, and there is room for rewards for the solo trading pros to shine as well,” said Joan Han, Sales and Marketing Director of Bybit.

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Market sentiment and activities have been trending up in recent weeks globally, and the enthusiasm is shared among users in niche markets. While traders rush to capture opportunities in a heated market, the Crypto Titans competition encourages users to bring out the best trading game and hone their trading skills for healthier returns.

Find out more about Bybit’s Crypto Titans: November Showdown, terms and conditions apply.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

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For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: [email protected]

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Blockchain

This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

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