EU Partners with ConsenSys for its Blockchain Observatory & Forum

European Commission (EU) is partnering with the prominent ethereum backed startup ConsenSys to launch its EU Blockchain Observatory and Forum. EU is running with the singular focus on benefiting from blockchain opportunities by encouraging the citizens, European industry, and government.

A Partnership with a $425 Million Budget

ConsenSys is one of the leading startups of the ethereum ecosystem. On Thursday, it officially launched its partnership with the European Commission on its EU Blockchain Observatory and Forum.

The idea behind this two-year project is to fund up to $425 million in blockchain projects. Last year, the Commission first made the announcement of this initiative to establish an observatory. They basically want to expand institutional knowledge 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.”

Benefiting from Ethereum Backed Blockchain Opportunities

The focus of the partnership is to mobilize the blockchain for the single European Market benefit. From the commission’s announcement, the primary objective seems to be building on the existing initiatives in order to make sure that they could work across borders and address the challenges.

The Commissioner for the Digital Economy and Society Mariya Gabriel explained:

“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 global venture production studio that was founded by Joseph Lubin. It focuses on developing software primarily for the ethereum blockchain.

Valdis Dombrovskis, Vice-president of EC that is responsible for Financial Services, Financial Stability, and Capital Markets Union said:

“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 global player in Europe that will help EU in bringing solid expertise, connections with global blockchain ecosystem and commitment to blockchain development. Moreover, ConsenSys will also work in close connection with commission services to run the Observatory and Forum.

What are your views on this ethereum backed blockchain partnership? Do you think it will affect the ethereum as well as the blockchain ecosystem? Will it spur other countries and unions to try out such partnerships? Let us know your thoughts in our comment section below!

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Achal Arya

Achal Arya is a digital product designer and an entrepreneur. He did his masters degree in design from IIT Hyderabad and has a bachelors degree in Computer Science. He works in the Web3 domain and manages new developments at CoinGape. Follow him on X at @arya_achal or reach him at achal[at]coingape.com.

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