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Jafrin Ahmed
Dec 17, 2021
by Jafrin Ahmed

ConsensSys to Launch Ethereum Scaling Solution With Mastercard

ConsensSys mastercard partnership

Table of contents

  1. ConsenSys Partners With Mastercard on New Ethereum Scaling Solution
Ethereum software developer ConsenSys announced the launch of a new enterprise software solution called ConsenSys Rollups in partnership with payments giant Mastercard. The software solution will help provide scalability and privacy to Ethereum Virtual Machine (EVM) compatible blockchains.

ConsenSys Partners With Mastercard on New Ethereum Scaling Solution

According to a company blog post on Thursday, Ethereum software company ConsenSys partnered with Mastercard to help enterprises in building permissioned blockchain applications focused on providing scalability and privacy capabilities that can be connected to any Ethereum Virtual Machine (EVM)-compatible blockchain.

The solution can be used on both the Ethereum Mainnet, or on private ConsenSys Quorum networks and leverages zero-knowledge (ZK) proofs for enhanced transaction privacy.

“We’re in the early stages, but are starting to see efficiencies in how permissioned and private chain product constructs use open-source technologies. Our work with partners like ConsenSys will continue to advance this space,” Raj Dhamodharan, Executive Vice President of Digital Assets and Blockchain Products and Partnerships at Mastercard.

Unlike regular transactions, they can hide details like account balances, senders, recipients, and amounts. Its use cases include the implementation of a Central Bank Digital Currency (CBDC) issuance; Decentralized Exchanges (DEX); micropayments; and private transfer and taxes, according to the company.

“ConsenSys Rollups enables vastly more scalability in addition to strong privacy protections to both enhance solutions for existing use-cases and enable new use-cases, ” said Madeline Murray Global Lead of Protocol Engineering at ConsenSys.

Partnership With Mastercard Goes Way Back

The latest enterprise software solution can currently achieve up to 10,000 transactions per second (TPS) on a private chain while only 300 TPS can be achieved on private chains and 15 on the Ethereum Mainnet.

Mastercard and ConsenSys formed a partnership back in April as part of a $65 million fundraising round for ConsenSys that included large bank investors such as JPMorgan and UBS.

In October, ConsenSys closed a $200 million financing round, bringing its total valuation up to $3.2 billion.

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ConsensSys to Launch Ethereum Scaling Solution With Mastercard
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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