ConsenSys wins contract for Thailand-Hong Kong CBDC project

Blockchain company ConsenSys introduced Sep. 25 that it were awarded the contract for a cross-border cost undertaking between Thailand and Hong Kong.

The corporate will lead the second one implementation segment of Venture Ithanon-Lionrock. The undertaking is a joint initiative to create a cross-border central financial institution virtual forex, or CBDC, cost community between banks within the two international locations.

Initiated in Might 2019 by means of the Hong Kong Financial Authority, or HKMA, and the Financial institution of Thailand, or BOT, the undertaking introduced the result of its preliminary analysis segment again in January. This discovered that there was once important possible to make use of DLT generation to cut back intermediaries and agreement layers within the present cross-border switch procedure.

The purpose now could be to construct a proof-of-concept, putting in a cross-border hall between Thailand’s Ithanon and Hong Kong’s Lionrock networks. This may occasionally after all additionally require an answer for seamless forex conversion between the Thai baht and Hong Kong greenback.

ConsenSys will use its endeavor Ethereum stack applied sciences, with a focal point on prioritizing scalability, safety, and interoperability.

The corporate has earlier revel in of growing CBDC cost networks, having been taken with each Singapore central financial institution’s Venture Ubin, and the South African central financial institution’s Venture Khokha.

Extra lately, ConsenSys was once within the information after obtaining the JPMorgan-developed blockchain undertaking, Quorum.

Leave a Reply

Your email address will not be published. Required fields are marked *