ConsenSys wins contract for Thailand-Hong Kong CBDC venture

Blockchain agency ConsenSys announced Sep. 25 that it had been awarded the contract for a cross-border fee venture between Thailand and Hong Kong.

The corporate will lead the second implementation section of Undertaking Ithanon-Lionrock. The venture is a joint initiative to create a cross-border central financial institution digital forex, or CBDC, fee community between banks within the two nations.

Initiated in Might 2019 by the Hong Kong Financial Authority, or HKMA, and the Financial institution of Thailand, or BOT, the venture introduced the results of its initial research phase again in January. This discovered that there was vital potential to make use of DLT know-how to cut back intermediaries and settlement layers within the present cross-border switch course of.

The goal now could be to construct a proof-of-concept, establishing a cross-border hall between Thailand’s Ithanon and Hong Kong’s Lionrock networks. It will in fact additionally require an answer for seamless forex conversion between the Thai baht and Hong Kong greenback.

ConsenSys will use its enterprise Ethereum stack applied sciences, with a concentrate on prioritizing scalability, safety, and interoperability.

The corporate has earlier expertise of growing CBDC fee networks, having been concerned in each Singapore central bank’s Project Ubin, and the South African central bank’s Project Khokha.

Extra not too long ago, ConsenSys was within the information after acquiring the JPMorgan-developed blockchain project, Quorum.

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