Kakao’s Blockchain Project Klaytn Partners With ConsenSys
- ConsenSys will help Klaytn develop a private version of its blockchain to support Korea’s upcoming CBDC.
- ConsenSys previously worked with eight central banks on CBDC pilots.
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In a press release published on 22 April, Klaytn said it will work with ConsenSys to advance the its platform’s integrated digital currency efforts, and develop a private version of the Klaytn blockchain. The private blockchain will have increased privacy, scalability, and interoperability when compared to Klaytn’s public solution.
These features will be used to optimize the central bank digital currency (CBDC) platform Klaytn will be launching alongside the Bank of Korea later this year. ConsenSys will create a solution to power the platform using its Enterprise Ethereum stack, including the ConsenSys Codefi Asset, Codefi Payments, and MetaMask.
Charles d’Haussy, the managing director for the Asia Pacific region at ConsenSys, said that the collaboration will strengthen the efficacy of the Klaytn platform. ConsenSys’ work on the platform will also enable it to process transactions that could then be used to support CBDCs and optimize it for future integrations with Ethereum Layer 2 solutions. The company’s previous work on advancing global CBDC efforts includes assisting eight major central banks with CBDC pilots, he said in the company’s release.
Jason Han, the CEO of Ground X, the company behind the Klaytn blockchain, said that the partnership will improve the interoperability between Klaytn and Ethereum to allow digital assets to seamlessly flow across two chains.
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