Klaytn, the public blockchain platform developed past Ground X, an chapter of the major S Korean net company, Kakao, joined Celo'south Alliance for Prosperity on May 8.

Celo, a distributed ledger technology, or DLT, based decentralized awarding and stablecoin platform and prominent rival to Facebook's Libra project, has at present attracted nearly 80 firms to its alliance — with Celo announcing more than than twenty new members earlier this week.

Elevation Korean blockchain platform joins Celo alliance

According to a press release, Klaytn will research interoperability between the Klaytn and Celo platforms, and integrate back up for its KLAY token on Celo'south ecosystem.

Chuck Kimble, the caput of Celo's Alliance for Prosperity, emphasized that Klaytn will comprise the first external blockchain that will interoperate with Celo.

"By edifice a bridge betwixt Klaytn and Celo, Klaytn volition expand its own ecosystem, and make information technology simple for people in Korea and across Asia to send and save with Celo," Kimble said.

Sangmin Seo, Ground X'southward head of platform group, asserted that the brotherhood "shares a common vision with Klaytn in making digital assets more accessible and useful in our everyday lives."

Celo gains momentum while Libra faces regulatory challenges

While Libra has been hampered by regulatory concerns, Celo'due south greater decentralization has allowed the project to make significant strides since launching the alliance just a couple of months ago.

Celo co-founder Sep Kamvar, told Cointelegraph that decentralized technologies provide "the opportunity for new stories to arise."

While conceding that "there is some competition" among the major players in the burgeoning decentralized economy, he emphasized the opportunity for the DLT sector to ascent to prominence amidst the electric current global recession:

"This is our potential correct at present as a field, to tell beautiful stories and build technologies that align with the stories. The stories that atomic number 82 to the most prosperity for all will lead to the most cute globe for all."

Speaking to Cointelegraph, Andy Ji, the co-founder of Ontology — a recent addition to the alliance, described both Celo and Libra as "excellent associations" that have "concenter[ed] high-quality members thus far."

"Still, Celo is an open up-source projection run by a non-profit organization foundation," Ji stated, predicting that "[d]ue to its decentralized nature, Celo may not face the same regulatory barriers equally Libra."