Ground X will develop a model for South Korea’s state cryptocurrency

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The Bank of Korea has announced the winner of the tender among technology providers for the state cryptocurrency. Ground X received $ 4.4 million to develop a digital won model.

According to the Korea Herald, South Korea’s central bank has selected Ground X, a subsidiary of national tech giant Kakao Corp., to participate in a government-owned cryptocurrency pilot program. Ground X participated in the tender with Line Plus, a subsidiary of Naver, and SK C&C, a division of the SK Group.

Ground X launched the Klaytn blockchain platform in 2019 and recently signed a technology partnership with ConsenSys. ConsenSys is working with central banks in Singapore, Australia and Thailand on government cryptocurrency projects.

As part of the Bank of Korea’s tender, Ground X will receive $ 4.4 million to develop a test model of the state cryptocurrency. The program will be implemented in a “virtual environment” in two stages.

The first phase will be dedicated to researching and testing the main role of the digital won and will be completed by December. In the second phase, various concepts will be worked out in detail, for example, privacy protection. The completion of the second stage is scheduled for June 2022.

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