Microsoft, Goldman Sachs, and Others Back Canton Network, a New Financial Blockchain – Here's What You Need to Know
A number of prominent technology and digital asset firms have expressed support for Canton Network, a new blockchain seeking to streamline financial markets through the use of Web3 technology.
In a recent press release, the platform called Microsoft, Capgemini, Deloitte, IntellectEU, and Umbrage among its industry partners, with Goldman Sachs, BNP Paribas, Deutsche Börse Group, and EquiLend as its first clients.
Canton Network is a "privacy-enabled interoperable blockchain network designed for institutional assets and built to responsibly unlock the potential of synchronized financial markets," the announcement read.
The platform uses a smart-contract language called Daml, which is developed by major financial technology and services firm Digital Asset.
The Canton Network creates a "network of networks," enabling financial markets' previously isolated systems to interoperate, the announcement said.
It also builds a "reconciliation-free environment" for financial institutions, allowing for the free synchronization of assets, data, and cash across applications.
Notably, more than thirty participants have already signed up for the platform, which includes big names within the industry including Paxos, Cboe Global Markets, Goldman Sachs, Digital Dollar Project, Umbrage, Versana, VERT Capita, and more.
“The Canton Network is a powerful answer to industry calls for a solution that harnesses the potential of blockchain while preserving fundamental privacy requirements for institutional finance," Chris Zuehlke, Partner at DRW and Global Head of Cumberland, said in a comment.
"This unique approach, coupled with the ability to execute an atomic transaction across multiple smart contracts, is the building block needed to bring these
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