Societe Generale Forge Taps Blockchain Firm ConsenSys For its CBDC Experiments

European investment bank Societe Generale’s subsidiary Societe Generale Forge has tapped blockchain firm ConsenSys for making experiments on its central bank digital currency (CBDC). In order to assist this major fin-tech firm, the Ethereum-based software firm will provide its technology as well as expertise for the development of Digital Euro.

SG Forge is already conducting pilot activities of its central bank digital currency and now it has picked ConsenSys so that it could use this blockchain firm’s technology and expertise in its ongoing Digital Euro experiments, as per an official blog post published by ConsenSys on October 28, 2020. As a leading software firm, ConsenSys lets developers and enterprises develop next-generation applications.

It will be the sixth CBDC project for ConsenSys with whom it has made a contract so far and will make collaboration with SG Forge. Prior to this deal, the blockchain firm already has a contract for leading Project Ithanon-Lionrock’s second phase of implementation. The Bank of Thailand and the Hong Kong Monetary Authority (HKMA) jointly launched this initiative called Project Ithanon-Lionrock.

On signing the deal with SG Forge, ConsenSys’ Global Head of Enterprise Solutions Ken Timsit said that they are feeling proud to be collaborating and working with Societe Generale Forge saying that the firm is already committed to making advancements in the space of central bank digital currencies. Timsit also claimed that they already have worked with six central banks helping them with their centralized digital currency projects.

While commenting on this partnership with ConsenSys, the Chief Executive Officer (CEO) of Societe Generale Forge Jean-Marc Stenger said in a statement that they are happy on teaming up with this leading blockchain firm who is playing a significant role “in the development of distributed ledger technology globally”. Stenger said that ConsenSys provides the blockchain community with various developmental tools that are utilized by this community.

Societe Generale Forge is one of those eight financial firms which were chosen by the France central bank “Banque de France” as potential partners for its Central Bank Digital Currency testing. The other seven firms include SEBA Bank, Accenture, ProsperUS, Euroclear, LiquidShare, Iznes, and HSBC.

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