ConsenSys is one of the main new companies of the ethereum ecosystem. On Thursday, it formally launched its association with the European Commission on its EU Blockchain Observatory and Forum.
The thought behind this two-year venture is to support up to $425 million in blockchain projects. A year ago, the Commission initially made the declaration of this activity to set up an observatory. They essentially need to extend institutional information of Distributed Ledger Technology (DLT) and blockchain.
Talking about the partnership, EC made a statement:
“As an important actor in the blockchain community, ConsenSys will bring a strong commitment to blockchain development, solid expertise and connections with the global blockchain ecosystem, and an entrepreneurial approach to engage with stakeholders and experts in the EU and worldwide.”
The focal point of the association is to assemble the blockchain for the single European Market advantage. From the commission’s declaration, the essential target is by all accounts expanding on the current initiatives with a specific end goal to ensure that they could work across borders and address the difficulties.
The Commissioner for the Digital Economy and Society Mariya Gabriel said:
“I see blockchain as a game changer and I want Europe to be at the forefront of its development. We need to establish the right enabling environment – a Digital Single Market for blockchain so that all citizens can benefit, instead of a patchwork of initiatives. The EU Blockchain Observatory and Forum is an important step in that direction.”
ConsenSys is a worldwide venture production studio that was established by Joseph Lubin. It centers on developing software principally for the ethereum blockchain.
Valdis Dombrovskis, Vice-president of EC that is in charge of Financial Services, Financial Stability, and Capital Markets Union stated:
“Among the many technologies that are driving digital innovation, blockchain has the potential to be truly transformative for financial services and markets. The Blockchain Observatory and Forum will monitor developments and also inform our policymaking.”
ConsenSys is a well-established worldwide player in Europe that will help EU in bringing strong expertise, associations with worldwide blockchain ecosystem and responsibility regarding blockchain advancement. In addition, ConsenSys will likewise work in close association with commission services to run the Observatory and Forum.