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Korean Internet Giant Preparing To Participate In The Bank Of Korea CBDC Pilot Later This Year

2 min read

Klaytn, the public blockchain project of Korea’s Internet giant, Kakao, has today announced that it is strategically partnering with ConsenSys, the leading Ethereum software company, to advance the Klaytn platform’s integrated cryptocurrency efforts. 

As part of this technological cooperation, Klaytn and ConsenSys will work to advance the performance of the Klaytn, an Ethereum-forked public network, and develop a private version of it with specific features including:

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

These features will be crucial to optimize the CBDC platform that Klaytn is preparing to participate in the Bank of Korea pilot later this year. ConsenSys will architect a solution using its Enterprise Ethereum stack, including ConsenSys Codefi Asset, Codefi Payments, and MetaMask.

“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,” said Jason Han, the CEO of Ground X. “We also look forward to improving the interoperability between Klaytn and Ethereum to allow digital assets to seamlessly flow across two chains,” he added.

“We are delighted to partner with Klaytn, a key player in the public blockchain ecosystem, to enhance the efficiency, security, and scalability and speed of its operations on the Ethereum network. Through this collaboration we will strengthen the efficacy of the Klaytn platform, readying it to process transactions which would conceptually support CBDCs, and also optimize it for Ethereum Layer 2 integration,” said Charles d’Haussy, Managing Director, Asia Pacific at ConsenSys.

“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,” he continued.

About Klaytn

Klaytn is a global public blockchain platform developed by Ground X, the blockchain affiliate of the leading South Korean Internet company, Kakao. Klaytn is a service-centric blockchain platform providing an intuitive development environment and friendly end-user experience. It is built upon solid reliability and significant stability with substantial service development for mass adoption. The platform allows real world applications of large scale to be produced right away so that our end-users can make full use of services without much expertise in blockchain or cryptocurrency.