A number of prominent financial institutions, including Goldman Sachs and BNY Mellon, have participated in a pilot of Digital Asset’s Canton Network blockchain platform, which is focused on tokenized assets.
Established by Digital Asset in collaboration with various financial institutions, infrastructure providers, and technology companies last year, the Canton Network is designed as a privacy-enabled, interoperable blockchain network tailored for institutional assets.
The pilot project has successfully executed 350 simulated transactions involving 15 asset managers, 13 banks, four custodians, and three exchanges. This testing phase showcased the interoperability of 22 distinct distributed ledger applications (dApps), which included five fund registries, five cash registries, three bond registries, three trading apps, four margin apps, and two financing apps. These applications facilitated the exchange of tokenized securities, money market funds, and deposits across different systems.
Digital Asset reports that the pilot illustrates how a network of interoperable applications can facilitate secure, atomic transactions across various segments of the capital markets value chain while simultaneously reducing costs, risks, and inefficiencies.
Yuval Rooz, CEO of Digital Asset, states that “Canton allows previously siloed financial systems to connect and synchronize in ways that were not possible before, all while adhering to existing regulatory frameworks.”
The project saw participation from a wide range of industry players, including Broadridge, DRW, EquiLend, Oliver Wyman, Paxos, Baymarkets, BNP Paribas, BOK Financial, Cboe Global Markets, Commerzbank, DTCC, Fiùtur, Generali Investments, Harvest Fund Management, IEX, Nomura, Northern Trust, Pirum, Standard Chartered, State Street, Visa, and Wellington Management.