In the United States, the approval and launch of spot ETFs last week resulted in a slowdown in Bitcoin (BTC) transactions, paving the way for altcoins to shine. Chiliz (CHZ), used to purchase fan tokens on Socios.com, and Klaytn (KLAY), a Layer 1 Blockchain network supported by South Korean internet giant Kakao, have notably surged in value.
Recent data shows CHZ climbing over 10% in the last 24 hours, exceeding $0.11 for the first time since May, while KLAY has risen 14.7% to $0.228. Meanwhile, Bitcoin has remained directionless, consolidating between $42,500 and $43,500.
Chiliz CEO Alexandre Dreyfus announced on January 16th an aggressive merger and acquisition (M&A) strategy for this year, aiming to combine Chiliz’s tokens and networks with Klaytn to create a robust ecosystem.
Klaytn and the Web3-focused Finschia Foundation proposed merging two chains to establish an Asian Web3 hub. Finschia is the successor to the public mainnet of the LINE Blockchain network.
The proposed merger will unite South Korea and Japan’s leading blockchains, creating an ecosystem with over 420 decentralized applications. The new Blockchain network will inherit the integration of Klaytn and Finschia with KakaoTalk and LINE, reaching a user base of over 250 million across Asia.