PURCHASE, N.Y.—Mastercard reported it is investing and partnering with ConsenSys, a software engineering firm in the blockchain space.
Founded in 2014, ConsenSys provides tools and services to support the Ethereum ecosystem and helps developers build next-generation networks that enable companies to launch powerful financial infrastructures and technology, Mastercard noted.
The firm raised $65 million in funding to accelerate the convergence of decentralized finance (DeFi) and Web3 applications on Ethereum with enterprise blockchain infrastructure, IBS Intelligence reported.
“ConsenSys’ products are the primary points of access to Ethereum for developers, enterprises and consumers,” said Joseph Lubin, founder and CEO of ConsenSys and co-founder of Ethereum. “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,”
According to the company, ConsenSys Quorum is an open-source protocol layer that empowers enterprises to leverage Ethereum for their private or public production blockchain applications. It includes customizable features required for enterprises to operate a secure, scalable permissioned network.
Variety of Initiatives
Mastercard’s said that as part of its multi-blockchain strategy, it will work with ConsenSys on a variety of initiatives. Mastercard’s blockchain patents and payment network combined with ConsenSys’ blockchain development expertise will deliver a robust tech stack based on ConsenSys Quorum, Mastercard said.
“The accelerated shift of financial services to blockchain is continuing to reshape how businesses, governments and people transact around the world in real-time. 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,” said Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships at Mastercard.