Klaytn partners with ConsenSys, advancing digital currency efforts

Klaytn partners with ConsenSys, advancing digital currency efforts

The global public blockchain project Klaytn, launched by Korean internet giant Kakao, has reportedly announced that it is inking a strategic partnership deal with a market leading Ethereum software company, ConsenSys, to advance the integrated digital currency efforts of Klaytn.

As part of this technological collaboration, both ConsenSys and Klaytn would work to enhance the performance of the Klaytn, a hard-forked public network, developing a private version of it with certain top features. These features include interoperability to bridge numerous blockchains, scalability layer 2 solution to serve a lot of users without having to compromise on speed. Lastly, privacy to reflect the growing concern around data protection among  several financial institutions.

These top features would be crucial to enhance the CBDC platform that the public blockchain platform is actively preparing to participate in the BoK pilot programme at year end. ConsenSys would architect a solution utilizing its Enterprise Ethereum stack, which includes MetaMask, Codefi Payments, and ConsenSys Codefi Asset.

CEO, Ground X, Jason Han, stated that the firm is pleased to join forces with ConsenSys to reinforce its public network and also to build a private network that could cater to a successful central bank digital currency distribution test.

Han added that the firm is looking forward to enhancing the interoperability between Ethereum and Klaytn to enable digital assets to effortlessly flow across the two chains.

MD, APAC at ConsenSys, Charles d'Haussy, stated that the firm is thrilled to partner with Klaytn, a renowned player in the public blockchain network, to improve the scalability, efficiency and security as well as speed of its operations on the Ethereum system.

Through this partnership, the firm would strengthen the effectiveness of the Klaytn platform, preparing it to process transactions which will ideally support CBDCs, and also optimizing it for integration of Ethereum Layer 2.

d'Haussy added that the firm is well committed to advancing the efforts of global central bank digital currency and a have a robust track record in the space, supporting eight main central banks around the globe with CBD pilots.

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