Ground X will develop a model for South Korea's state cryptocurrency – Bits Media

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

As reports Korea Herald, The Central Bank of South Korea chose Ground X, subsidiary National Technological Giant Kakao Corp., To participate in the pilot program for the development of state cryptocurrency. Ground X participated in the tender
Together with Line Plus, subsidiary Naver, и SK c&C – SK Group conglomerate unit.

Ground X launched
Klaytn blockchain platform in 2019 year and recently signed an agreement on technological partnership with Consensys. Consensys works with the central banks of Singapore, Australia and Thailand over projects of state cryptocurrencies.

As part of the tender of Bank Korea Ground X will receive $4.4 Milln for the development of a test model of state cryptocurrency. The program will be implemented in the "virtual environment" in the framework of two stages.

The first stage will be devoted to the study and testing of the main role of digital won and will be completed by December. At the second stage, various concepts will be worked out in detail, eg, Protecting confidentiality. The end of the second stage is scheduled for June 2022 of the year.