“Mastercard, a US-based payment solution specialist, has come into partnership with Fluency as its Central Bank Digital Currency partner, endeavoring to capitalize on the increasing interest in CBDCs.”
Digital currencies have touched a new height with central banks issuing their versions. CBDC or Central Bank Digital Currency is the digital form of government-issued currency that is pegged to a physical commodity. CBDCs are used to support financial services for the government of the nation, and its commercial banking system.
Now, Mastercard, a US-based payment solution specialist, has come into partnership with Fluency as its Central Bank Digital Currency partner, endeavoring to capitalize on the increasing interest in CBDCs.
Raj Dhamodharan, Head, Digital Assets and Blockchain, at Mastercard, said, “We believe in payment choice and that interoperability across the different ways of making payments is an essential component of a flourishing economy. As we look ahead toward a digitally driven future, it will be essential that the value held as a CBDC is as easy to use as other forms of money.”
How will Fluency be helpful to Mastercard?
The expertise and innovative technological capabilities of Fluency will offer a deeper insight into the advantages of CBDCs and ways to integrate them effectively to foster innovation for Mastercard and its clients as CBDCs progress.
Who are other partners than Fluency in this mission?
The global CBDC program has chosen several significant players, including Ripple, a platform, ConsenSys, a blockchain and Web3 software company, Idemia, a digital identity technology provider, Consult Hyperion, a digital identity consultant, Giesecke+Devrient, a security technology group, and Fireblocks, a digital asset operations platform.
Fluency has been designated as a member of the most important CBDC boards in the world, collaborating directly with major central banks and governments to develop the design features, implementation strategy, and policies for 23 countries worldwide, including the European Central Bank and the Bank of England.
Inga Mullins, CEO at Fluency, said, “We are delighted at Fluency to be part of this exciting and forward-thinking partnership with Mastercard helping CBDC networks seamlessly bridge transactions between different types of CBDC: account and token-based, retail and wholesale, multi-CBDC with tokenized assets and regulated stablecoins.”