Partnership with ConsenSys supports the future of multi-blockchain commerceApril 13, 2021
Mastercard and ConsenSys have announced a partnership to power the future of commerce. ConsenSys, a software engineering firm in the blockchain space, provides tools and services to support the Ethereum ecosystem and helps developers build next-generation networks to enable companies to launch more powerful financial infrastructures and technology.
ConsenSys Quorum is an open-source protocol layer that enables enterprises to leverage Ethereum for their private or public production blockchain applications. Quorum includes customizable features required for enterprises to operate a secure, scalable permissioned network. As part of Mastercard’s multi-blockchain strategy, it will work with ConsenSys on a variety of initiatives.
Joseph Lubin, founder and CEO of ConsenSys and co-founder of Ethereum, said, “ConsenSys’ products are the primary points of access to Ethereum for developers, enterprises and consumers. Digital scarcity, transparency and automated financial settlement using the interoperable digital asset standards of Ethereum are helping accelerate financial innovation in a variety of industries, which range from NFTs to Central Bank Digital Currencies. We are very excited to work with the digital assets and blockchain team at Mastercard to lead the convergence of traditional and blockchain-based financial technologies.”
Mastercard’s blockchain patents and payment network combined with ConsenSys’ deep blockchain development expertise will deliver a robust tech stack based on ConsenSys Quorum, an open-source protocol for enterprises built on Ethereum. Enterprise Ethereum has seen continued adoption among financial institutions and businesses, making it one of the most widely used permissioned blockchains. While Mastercard does not currently have plans to support Ether, the native crypto asset of the public Ethereum blockchain, on its network, this investment is part of Mastercard’s range of initiatives and investments in the space.
Mastercard’s history of innovation in payments, leadership in blockchain patents and principled approach to innovation has made it a pioneer in the blockchain ecosystem and a partner of choice. As financial institutions and businesses continue to shift applications to blockchain, creating new ecosystems and ways to exchange value requires robust platforms that are secure, permissioned, and scalable while harnessing the power of the open-source community.
“The accelerated shift of financial services to blockchain is continuing to reshape how businesses, governments and people transact around the world in real time,” said Raj Dhamodharan, executive vice president of Digital Asset and Blockchain Products & Partnerships at Mastercard. “Our investment in ConsenSys will enable us to fast-track our blockchain innovation and support a growing number of customers that are actively developing applications on Enterprise Ethereum and leveraging open-source technologies and communities.”