GroundX and Consensys Collaborate on Bank of Korea's Digital Currency Project

The Bank of Korea was seeking a partner for its Central Bank Digital Currency (CBDC) pilot project. The project aimed to develop a digital version of the Korean Won with advanced features such as cross-border payments, offline payment, and integration with digital asset systems. The project was divided into two phases, with the first focusing on basic functionality such as creating, issuance, and redemption of the digital won, and the second phase exploring more advanced features. The challenge was to develop a secure, transparent, highly available, auditable, and efficient digital currency system that could handle both confidential wholesale transfers and scalable retail transactions.

The customer in this case is the Bank of Korea, the central bank of South Korea. The bank was looking to develop a Central Bank Digital Currency (CBDC) as part of a pilot project. The project aimed to create a digital version of the Korean Won with advanced features such as cross-border payments, offline payment, and integration with digital asset systems. The bank chose GroundX, a blockchain affiliate of the nation’s tech giant Kakao Corp., as the preferred bidder for the partner position on its pilot digital currency development program.