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Klaytn And ConsenSys Partnership To Bolster Korea's Digital Currency Project

Klaytn And ConsenSys Partnership To Bolster Korea's Digital Currency Project

Klaytn, a blockchain project from South Korea's Internet company, Kakao, announced its partnership with the blockchain technology company, ConsenSys. The strategic partnership is aimed at advancing Klaytn's digital asset integration. 

The company tweeted:

"Beginning today, #Klaytn will be partnering with @Consensys to advance development of Korea's CBDC while working to strengthen Klaytn's scalability by enhancing our interoperability with the #Ethereum network."

Bank of Korea (BOK) is preparing for the virtual issuance and circulation of a central bank digital currency (CBDC) in 2021. Kakao is serving as the advisor for this digital innovation. 

Features To Optimize CBDC Platform

Klaytn and BOK will be testing the CBDC project later this year. With ConsenSys, Klaytn plans to advance its performance and develop a private version with specific features. These features include:

  • Privacy to reflect the rising concern around data protection among financial institutions
  • Scalability layer 2 solution to serve a large number of users without compromising speed
  • Interoperability to bridge multiple blockchains

These features will optimize the CBDC platform while ConsenSys provides a solution using its Enterprise Ethereum stack. These include ConsenSys Codefi Asset, Codefi Payments, and MetaMask.

Jason Han, the CEO of Ground X, stated,

"We are happy to cooperate with ConsenSys to strengthen our public network and also build a private network that can cater to a successful CBDC distribution test. We also look forward to improving the interoperability between Klaytn and Ethereum to allow digital assets to seamlessly flow across two chains."

Ground X is Kakao's blockchain subsidiary that operates the Klaytn platform.

ConsenSys To Offer CBDC Based Expertise

ConsenSys is delighted to partner with Klaytn, according to Charles d'Haussy, Managing Director, Asia Pacific at ConsenSys. Klaytn is considered a key player in the public blockchain system and will enhance the efficiency, security, and scalability, and speed of the company's operation on Ethereum. 

The collaboration is aimed to strengthen the efficacy of the Klaytn platform and prepare it for process transactions that conceptually support CBDCs. It will also optimize it for Ethereum Layer 2 integration. d'Haussy further adds,

"At ConsenSys we are committed to advancing global CBDC efforts and have a strong track record in the space, assisting eight major central banks around the world with CBD pilots. As such, we have the unparalleled expertise and infrastructural tools required to build the network capabilities for the secure and efficient issuance of CBDCs." 

About Klaytn

Klaytn is a global public blockchain platform. It was developed by Ground X, a subsidiary of Kakao. Klaytn's service-centric ideology provides its users with an intuitive development environment and friendly end-user experience. The platform allows real-world, large-scale applications and helps end-users without any experience in blockchain or cryptocurrency to make full use of its service.

About ConsenSys

An Ethereum software company, ConsenSys, enables developers and enterprises to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. The company's products, such as Infura, Quorum, Codefi, MetaMask, Truffle, and Diligence, serve millions of users worldwide and support blockchain-based queries for clients and handle billions of dollars in digital assets. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.