Mastercard partners with ConsenSys to support the future of multi-blockchain commerce

By Pavithra R

Mastercard has announced investing and partnering with ConsenSys, a software engineering firm in the blockchain space, to power the future of commerce.

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.

The firm raised $65 mn funding to accelerate the convergence of decentralized finance (DeFi) and Web3 applications on Ethereum with enterprise blockchain infrastructure. Besides Mastercard, the investment round saw participation from global financial services firms J.P. Morgan, and UBS alongside leading blockchain companies, including Protocol Labs, the Maker Foundation, Fenbushi, The LAO, Alameda Research. Additional investors include CMT Digital, Greater Bay Area Homeland Development Fund, Quotidian Ventures, and Liberty City Ventures.

“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,” said Joseph Lubin, founder and CEO of ConsenSys and co-founder of Ethereum.

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.

As part of Mastercard’s 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. While Mastercard currently does not have plans to support Ether on its network, this investment is part of Mastercard’s range of initiatives and investments in the space.

“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 & Partnerships at Mastercard.