Ethereum Developer ConsenSys to Assist French Bank With CBDC Pilot

The Ethereum developer will help the digital assets arm of Societe Generale carry out research on a central bank digital currency.

Oct 28, 2020 at 12:08 p.m. UTC
Updated Sep 14, 2021 at 10:24 a.m. UTC

ConsenSys, a company that develops for Ethereum and funds ecosystem startups, is to help French bank Societe Generale carry out research on a central bank digital currency (CBDC).

  • Announced in a blog post on Wednesday, ConsenSys will work with Societe Generale – Forge, the bank's digital assets arm, providing technology and expertise as part of ongoing CBDC pilot efforts.
  • ConsenSys will be involved in work looking at CBDC issuance and management, delivery versus payment and cross-chain interoperability.
  • Societe Generale – Forge has previously issued bonds worth millions of euros over a blockchain, with one of the initiatives being in collaboration with France's central bank.
  • According to a report in September, ConsenSys was chosen to work with the Hong Kong Monetary Authority on a different CBDC pilot, looking at how blockchain might facilitate cross-border payments between commercial banks.
  • The developer also acquired JPMorgan's blockchain platform Quorum this summer – that's the platform on which the investment bank's JPM Coin cryptocurrency was built.
  • The first commercial use of JPM Coin is expected within the week, JPMorgan executives said Tuesday.
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