ConsenSys, a blockchain software company, has entered into a partnership with Klaytn, a blockchain project of Korea's Kakao Internet company.
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According to a press release, the Brooklyn-based company will develop a private version of the Klaytn blockchain with the following features:
- Increased privacy for financial institutions
- Scalability layer 2 solution
- Interoperability to bridge multiple blockchain networks
The updates are intended to help Klaytn to prepare its features for participation in the Bank of Korea pilot of a central bank digital currency later this year. ConsenSys will not only create new improvements with the help of its Enterprise Ethereum stack, but also add support for ConsenSys Codefi Asset, Codefi Payments, and MetaMask.
In the meantime, South Korea warns it might close over 200 cryptocurrency exchanges in Q3, 2021, if they do not follow the regulations. According to Eun Seong-soo, Chairman of the Financial Services Commission (FSC), the government has no plans to protect cryptocurrency investors despite the fact it is going to tax them.
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