A new blockchain network aimed at financial institutions is in the works from a conglomerate of participants in the finance and tech space, including the likes of Microsoft and Goldman Sachs.
According to the May 9 announcement, the Canton Network will be a privacy-enabled interoperable blockchain network aimed at those working on institutional assets. This allows for the synchronization of financial markets that were “previously siloed.”
The network will begin testing its capabilities in July, which include extensive privacy controls and the ability to achieve the scale and performance required by major financial institutions. Current network participants include BNP Paribas, Cboe Global Markets, Digital Asset, Paxos, Microsoft, Goldman Sachs, Deloitte and others.
Cathy Clay, the executive vice president of Cboe Global Markets – one of the project’s partners- said that when used, blockchain technology can “open up” new market opportunities.
“… the tokenization of real-world assets may offer an unprecedented opportunity to create new market infrastructure and drive efficiency in selling products around the world.”
Canton is built on Daml, Digital Asset’s smart-contract language, creating an interoperable system where “assets, data, and cash” can synchronize across linked applications.
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While the crypto winter shows signs of thawing, investment and interest in the industry continues from institutional investors.
In March, Cathie Wood’s ARK Investment bought about $18 million in Coinbase shares, which equates to about 269,928 shares. A study from Goldman Sachs released on May 8 revealed that 32% of family offices currently have investments in digital assets.
On May 3, securities token platform INX launched a new MPC wallet for institutional investors to control assets and employee access to such assets.
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