Mastercard announces CBDC partner program! Attracts 7 companies including Ripple and ConsenSys.
Mastercard recently announced its CBDC Partner Program, inviting a number of well-known companies in the cryptocurrency industry to collaborate in order to drive innovation and development efficiency for CBDCs.
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Mastercard's CBDC Partner Program
With the advancement of blockchain technology, an increasing number of countries are exploring and issuing Central Bank Digital Currencies (CBDCs) to complement traditional payment methods. However, the issuance of CBDCs involves many issues and challenges, such as how CBDCs can work in conjunction with other common payment mechanisms and how to ensure user security and privacy.
To better understand the advantages and limitations of CBDCs and to operate in a secure, seamless, and practical manner, Mastercard has announced the launch of its new CBDC Partner Program, inviting blockchain technology and payment service providers to join. The initial list of partners and their main responsibilities are as follows:
- CBDC platform Ripple: Collaborating with Palau to launch the first government-issued national stablecoin
- Blockchain and Web3 software company Consensys: Technical and product development for the ecosystem
- Tokenized asset solution provider Fluency: Establishing interoperability between different CBDCs
- Digital identity technology provider Idemia: Developing encryption technology for offline payments to ensure individual privacy and prevent fraud
- Digital identity consultant Consult Hyperion: Collaborating with central banks and payment processors to determine their CBDC requirements
- Cybersecurity technology group Giesecke+Devrient: Providing CBDC solutions and partnering with central banks to launch digital currencies
- Digital asset operating platform Fireblocks: Managing digital asset operations and building businesses on the blockchain
The initial partners of Mastercard's program are prominent companies within the blockchain industry with diverse expertise. The main goal of this initiative is to facilitate collaboration with key players in the field to drive innovation and efficiency.
However, a significant challenge for the future will be how to continue innovating the central banks and CBDC value chain without disrupting existing payment systems.
"As we look to the digital future, it's crucial that the value CBDCs hold is as easy to use as any form of money," said Raj Dhamodharan, Mastercard's head of digital assets and blockchain.
Mastercard's CBDC Encapsulation Transfer Technology
According to previous reports, Mastercard is currently developing its Multi-Token Network (MTN) to tokenize assets on both ends, making existing payment functions more advanced and introducing innovative financial products under smart contract technology.
In the realm of CBDCs, Mastercard's team has also developed technology to encapsulate CBDCs and transfer them to other public chains, enabling CBDCs not only for transactions but also for a wider range of applications.
Full Report: Unveiling Mastercard's Multi-Token Network: Asset Tokenization Changing Financial Services, and CBDC Encapsulation on the Chain