Klaytn and ConsenSys to collaborate on Bank of Korea CBDC pilot

Fin Strathern reports on blockchain and cryptocurrencies for TechForge Media. You can connect with him at https://www.linkedin.com/in/finstrathern/.

Klaytn, the public blockchain project of Korean Internet provider Kakao, has announced a strategic partnership with ConsenSys to improve its digital currency capabilities in preparation for its participation in the Bank of Korea’s CBDC pilot platform later this year.

As well as working with national banks, Klaytn also expanded into the NFT market through OpenSea support at the end of March, highlighting the company’s diverse array of ventures so far this year.

Klaytn and ConsenSys are focused on advancing the performance of the Klaytn network, as well as developing a private version of it with specific features optimised for CBDC implementation.

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.

“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, CEO of Ground X, the developers of Klaytn.

“We also look forward to improving the interoperability between Klaytn and Ethereum to allow digital assets to seamlessly flow across two chains,” he added.

Speaking on his commitment to CBDC adoption, managing director at ConsenSys Charles d’Haussy said: “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.”

Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.   

View Comments
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *