Key message: Ground X, blockchain subsidiary of internet giant Kakao, has won the Bank of Korea’s (BoK) tender for the central bank digital currency (CBDC) and will be the main supplier of the digital won technology.
Ground X won the tender
Ground X will collaborate on the project with ConsenSys, a blockchain company based in the United States, and other Kakao affiliates such as KakaoBank and Kakao Pay. BoK has opened a tender for companies interested in simulating the CBDC project using blockchain, and the first tests are likely to be as early as next month.
The goal is to test CBDC in the virtual world and explore the possibilities of use cases and other things like issuance, redemption, payments and possibly integration with NFT purchases in the scope of artwork and copyrights. The original testing plan was already set for February 2021, but that date has been dropped.
Ground X was launched by Kakao in 2018. It operates its own blockchain platform, Klaytn. ConsenSys focuses on infrastructure and decentralized applications for the Ethereum blockchain. It will contribute to the project by using its own solutions such as ConsenSys Quorum and ConsenSys Codefi. ConsenSys made the announcement on Twitter.