Fintech & Ecommerce

Mastercard and ConsenSys announced collaboration

ConsenSys Rollups is expected to enable more types of blockchain use cases 

Mastercard

Mastercard and ConsenSys announced collaboration. Source: consensys.net

ConsenSys and Mastercard have partnered to launch ConsenSys Rollups, according to the press release.

The launch between the Ethereum software company and the payments giant will enable the extension on the Ethereum mainnet as well as for private usage.

ConsenSys Rollups focuses on privacy capabilities and blockchain applications that can be connected to any blockchain that is compatible with Ethereum Virtual Machine (EVM).

Systems that are built with Rollups have the capability of reaching 10,000 transactions per second. This is high in comparison to Ethereum Mainnet (15 TPS) or on private chains without Rollups (300 TPS).

The system also provides reliable privacy protections. These enable new use cases and enhance solutions for cases that are already in use. Use cases can include decentralized exchanges (DEX), central bank digital currencies (CBDC), private transfer, taxes and micropayments.

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. This innovative solution will help accelerate the building of the future of finance
Madeline Murray, Global Lead of Protocol Engineering at ConsenSys

Apart from this product, ConsenSys manages various developer toolkits such as Truffle and Infura. The company also developed MetaMask, a renowned crypto wallet. Following recent funding valued at approximately $3.2 billion, ConsenSys has been expanding.

The partnership between the two companies was announced in April. It formed part of a ConsenSys fundraising round ($65 million) that included other investors including UBS and JPMorgan.

We’ve reported that Mastercard issues first biometric card in Jordan.

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