ConsenSys has joined the Bank of Thailand as its technology partner to develop and test a prototype for central bank digital currency (CBDC). Other partners include SCG and Digital Ventures (DV).
As per the announcement, the CBDC will be tested and issued using ERC20 smart contracts. In partnership with Atato, it will “architect a solution using its Enterprise Ethereum stack, including Codefi and MetaMask.” Charles d’Haussy, Director of ConsenSys in Hong Kong, said,
“A retail blockchain-based CBDC represents a new technology for the issuance of central bank money, where tokenized central bank money is accessible to the general public, and in this case businesses piloting the solution.”
The company that develops for the second-largest network Ethereum and funds the ecosystem startups is also helping French bank Societe Generale in its Central Bank Digital Currency (CBDC) pilot research.
According to the announcement, ConsenSys will work with the bank’s digital arm, SocGen – Forge, and will provide its expertise regarding issuance and management, delivery versus payment, and cross-ledger interoperability of the CBDC. Jean-Marc Stenger, CEO, SocGen said,
“We are pleased to partner with ConsenSys, a company who is a key player in the development of distributed ledger technology globally and offers many of the infrastructure and development tools used by the blockchain community.”
SocGen – Forge is also working with Banque de France on CBDC experiments and recently issued a EUR40 million bond that was settled with a digital euro.
These aren’t the first instances of ConsenSys being involved in CBDC experiments; it has been reportedly helping the Hong Kong Monetary Authority on a CBDC pilot to facilitate cross-border payments between commercial banks as well. Ken Timsit, Global Head of Enterprise Solutions at ConsenSys, said,
“ConsenSys is committed to advances in the CBDC space and has assisted six central banks around the world on CBDC projects.”
In August, it also acquired Quorum, JPMorgan’s blockchain platform on which the bank’s stablecoin JPM Coin is built, which is expected to see its first commercial use this week.