ConsenSys blockchain company announced on September 25 that it has received a contract for a cross-border payment project between Thailand and Hong Kong.

The company will lead the second phase of the Ethanon-Lionrock project. The project is a joint initiative to create a cross-border digital banking currency, or CBDC, which is a payment network between banks in the two countries.

The project, which was initiated in May 2019 by the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT), announced the results of the preliminary phase of the study in January. This has highlighted the great potential of using DLT to reduce middlemen and settlement levels in the ongoing border process.

The goal now is to validate the concept by establishing a border crossing between Ethanon in Thailand and Yunrok in Hong Kong. Of course, this will also require a seamless solution to convert the currency between the Thai Baht and the Hong Kong dollar.

ConsenSys will leverage Ethereum enterprise stacking technologies with a focus on scalability, security, and interoperability.

The company has previous experience developing CBDC payment networks, and is involved in the Ubin project of the Central Bank of Singapore and the Khokha project of the Central Bank of South Africa.

Most recently, ConsenSys was in the news after the acquisition of a blockchain project developed by JPMorgan Quorum.

Source: CoinTelegraph