Klaytn partners with Parity to boost its Metaverse growth

By: Benson Toti
Benson Toti
Benson is a News Reporter at Invezz handling breaking news, interviews and market analysis. He made his first investment… read more.
on May 25, 2022
  • Klyatn and Parity Technologies will work together to advance the blockchain’s metaverse growth.
  • The partnership will also help bring further use cases to Klaytn and Polkadot.
  • Klaytn launched in 2019 and is the blockchain arm of Kakao.

Klaytn, a public blockchain developed by South Korean internet giant Kakao has partnered with Parity Technologies as it looks to advance its presence in the blockchain ecosystem.

With this collaboration, Klaytn hopes to further its image as the go-to platform for projects in the metaverse, gaming and decentralized applications (dApps). Parity is a key strategic partner that will see Klaytn benefit from a team of top systems engineers that helped built Polkadot.

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Partnership to advance a multi-chain environment and collaboration with Polkadot

The partnership will see Parity help Klaytn built a multi-chain environment, with the Klaytn-Substrate that comes off the collaboration also serving as a sidechain.

According to David Shin, the head of global adoption at Klaytn Foundation, the partnership is part of the platform’s goal of creating an interoperable blockchain ecosystem for the metaverse.

Klaytn-Substrate will open up new possibilities for dApps to be developed in a multi-chain environment, and to explore collaborative use cases between the Klaytn and Polkadot chains.

Klaytn will use the partnership to bring more enterprises and service providers onto the blockchain, the team said in the announcement.

The Klaytn blockchain launched in 2019, with KLAY (currently priced around $0.46), as the native digital asset. Of the 10 billion KLAY total token supply, 2.84 billion are currently in circulation. The token reached its all-time high of $4.34 in March 2021.

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