BNP Paribas and HSBC have recently joined the Canton Network blockchain platform’s foundational group, which focuses on tokenized assets. This move follows the earlier commitments from Goldman Sachs, Hong Kong FMI Services, and Moody’s Ratings in March, bringing the total number of members to over 30.
Launched by Digital Asset with the involvement of various financial institutions, infrastructure providers, and technology firms in 2023, the Canton Network is a privacy-enhanced and interoperable blockchain network tailored for institutional assets. With more than $3.6 trillion in tokenized assets integrated on-chain, this robust framework aims to bridge previously isolated systems, utilizing configurable privacy and control features to enhance asset mobility across traditional finance and cryptocurrency sectors.
The foundation is dedicated to nurturing the development and governance of the Global Synchronizer within the Canton Network, which is crucial for synchronizing digital assets across the network’s permissioned blockchains.
“Enhancing liquidity in digital asset markets necessitates ecosystems with robust connectivity and access,” stated John O’Neill, Group Head of Digital Assets and Currencies at HSBC. “By joining the Canton Foundation, HSBC aims to further advance infrastructure that supports complex, multi-asset transactions with the necessary trust and transparency.”