ConsenSys Won The Contract For Cross-Border CBDC Project

ConsenSys won the contract for a cross-border CBDC project after a successful research phase between the two central banks of Thailand and Hong Kong so let’s find out more in the latest crypto news today.

The blockchain firm Consensys won the contract for developing cross-border central bank digital currencies according to the announcement, that will connect two central banks, the one of Thailand and the one of Kong Kong. The company will lead the second implementation phase of the Project Inthanon-Lionrock which is a joint initiative project that creates a cross-border central bank digital currency payment network between the two countries.

Started in May 2019 by the Hong Kong Monetary Authority, and the Bank of Thailand, or BOT, the project announced the results of its initial research phase back in January and it found that there’s a huge potential to use DLT technology to reduce the intermediaries and settlement layers in the cross-border transfer process. The goal is to build a proof of concept which will set up a cross-border corridor between Thailand’s ithanon and Hong Kong’s Lioncorks networks which will require a solution for seamless currency conversion between the two countries. ConsenSys will use the enterprise ETH stack technologies with a focus on the scalability issue and interoperability.

The company has a lot of experience of developing CBDC payment networks which have been involved in Singapore’s Central bank Project Ubin and the South African Central Bank Project Khokha. Consensys also got in the news for acquiring the JPMorgan developed blockchain project quorum.

ConsenSys has acquired Quorum! Through this acquisition and investment from JP Morgan, we will continue to drive adoption and innovation through an open source protocol layer on which production-ready business applications can be built. #WelcomeQuorum https://t.co/YGBrAiprpt pic.twitter.com/cNWe28roDA

— ConsenSys (@Consensys) August 25, 2020

The multinational bank JPMorgan Chase has entered into a new strategic partnership with the blockchain-based company ConsenSys and as a part of the deal, the company will acquire the bank’s enterprise blockchain platform Quorum. As it was reported by Reuters, the New York-based blockchain startup acquired Quorum and now plans to merge the enterprise protocol engineering roadmaps and its technology. Neither party disclosed the financial elements of the deal by ConsenSys founder Joseph Lubin said that:

 “We have acquired the Quorum IP, JPMorgan has made a strategic investment, and there is a commercial arrangement to continue to support JPMorgan in their projects.”

The Quorum team will remain at JPM and will assist during the transition next year according to the global head of blockchain Umar Farooq.