Ripple and ConsenSys Collaborate with Mastercard to Advance CBDC Innovation

Mastercard has announced a partnership program with seven prominent blockchain and payment technology providers to foster a better understanding of central bank digital currencies (CBDCs) and their benefits and limitations. The program, announced on August 17, aims to drive innovation and promote the use of CBDCs in the private sector.

The Importance of CBDC Usability

Raj Dhamodharan, Head of Digital Assets and Blockchain at Mastercard, stated that in order to navigate a digitally driven future, CBDCs must be as user-friendly as other forms of money. This highlights the need for CBDCs to be easily accessible and usable by individuals and businesses alike.

Key Partners in the Program

The Mastercard program will bring together companies that have made significant contributions to CBDC development. Ripple, a prominent blockchain technology provider, recently launched a dedicated CBDC platform that will be part of this collaboration. ConsenSys, a software company known for its work on various CBDC projects, will also be a key participant.

Additionally, Fluency, a tokenized assets solution provider involved in 23 CBDC projects, will join the program. Giesecke+Devrient, which has developed its own CBDC solution and has worked with central banks on CBDC projects, and Idemia, specializing in offline payments, are also participants. Consult Hyperion, known for its work on offline payment solutions with central banks, and institutional custody platform Fireblocks complete the partnership.

Mastercard’s Commitment to CBDCs

Mastercard has been actively involved in the crypto space for several years and has shown strong support for CBDCs. The company has participated in various projects with the Bank for International Settlements, the New York Federal Reserve Bank, and individual central banks.

Editor Notes: Encouraging CBDC Innovation with Mastercard

The partnership between Mastercard, Ripple, ConsenSys, and other key industry players is a significant step forward in advancing CBDC innovation. By fostering dialogue and collaboration, Mastercard aims to drive the adoption and usability of CBDCs in the private sector.

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