Microsoft, Goldman Sachs, and Others Collaborate to Launch a New Blockchain Network for Financial Institutions
Digital Asset, along with a group of companies including Microsoft, Goldman Sachs, and Deloitte, is launching the Canton blockchain network for financial institutions.
Because Bitcoin
May 9, 2023
Cointelegraph reported that a conglomerate of participants in the finance and tech industry, including Microsoft and Goldman Sachs, is developing a new blockchain network for financial institutions. The Canton Network, set to launch soon, will be privacy-enabled and interoperable, allowing for the synchronization of previously siloed financial markets.
The network will begin testing in July and has attracted major institutions such as BNP Paribas, Cboe Global Markets, Paxos, Digital Asset, Deloitte, and others. According to Cathy Clay, the Executive Vice President at Cboe Global Markets, blockchain technology has the potential to unlock new opportunities in the market.
Built on Daml, the smart-contract language of Digital Asset, Canton creates an interoperable system that enables the synchronization of "assets, data, and cash" across connected applications. Institutional investors continue to show interest and invest in the crypto market as the crypto winter thaws.
ARK Investment, led by Cathie Wood, bought $18 million worth of Coinbase shares in March, while a Goldman Sachs study found that 32% of family offices have investments in digital assets. INX also recently launched a new MPC wallet designed for institutional investors to manage assets and control employee access.
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