Huobi Exchange Joins Klaytn Governance Council

Cryptocurrency exchange Huobi announced today that they have joined the governance council for Kakao GroundX’s Klaytn blockchain.

Huobi now sits among the likes of Binance, SK Networks, LG Electronics, and netmarble as the 28th member of the governance council for the South Korea-based enterprise blockchain project. The governance council is responsible for cooperation efforts on maintaining the distributed network to ensure that millions of users worldwide can continually access it. Council members make decisions that aid in the technological development and hold the right to develop blockchain utilities on the network.

Ciara Sun, Vice President of global Operations at Huobi commented on the announcement with high spirits. “[We share a vision with Kakao and Klaytn to enhance blockchain security and create real-world use cases.]”

This new governance council member being one of the top 20 crypto exchanges in the world truly strengthens the governance council which is decidedly skewed towards the Korean market in terms of governance council support. The lack of global support up to this point may have been hindering the expansion of Klaytn to a broader global audience. Additionally, Klaytn’s native token KLAY remains unlisted on any major exchange outside of Korea if one considers that BW.com has a very strong presence in Korea. It is likely that the listing on BW.com was to increase the exposure to Korean traders rather than to global traders.

On the other hand, another enterprise and development project Hedera Hashgraph boasts global powerhouses Boeing, IBM, and DLA Piper among others on their governance council. Hedera’s token HBAR, has been listed on Binance and Bittrex, albeit with some controversy.

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