The European Central Bank (ECB) has established an innovation hub with 70 participants to test its digital euro project.

The participants include start-ups, banks, and payment services such as the global professional services firm Accenture, Swiss telecommunications company Swisscom, Spanish bank CaixaBank, and the audit and tax firm KPMG. These companies have committed to collaborating with the ECB to investigate the functionalities and use cases for the central bank’s digital currency.

The ECB issued a request to merchants both large and small, banks, and payment service providers last year. ECB President Christine Lagarde noted that the testing phase for the CBDC, referred to as its preparation phase, is expected to conclude by October. A decision regarding the issuance of a digital euro will be made following the enactment of new legislation.

Read more: ECB Targets October to Finish Digital Euro Preparation Phase