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Revolutionizing Financial Markets: Microsoft, Goldman Sachs, and Partners Join Forces to Develop Privacy-Enabled Blockchain Network

A group of participants from the finance and tech industries, including Microsoft and Goldman Sachs, are working on a new blockchain network specifically designed for financial institutions.

This network, called the Canton Network, will be able to synchronize financial markets that were previously isolated by providing a privacy-enabled interoperable blockchain network for those dealing with institutional assets.

The network will be able to achieve the necessary scale and performance required by major financial institutions and will start testing its capabilities in July.

Current participants include BNP Paribas, Cboe Global Markets, Digital Asset, Paxos, Microsoft, Goldman Sachs, Deloitte, and others.

Cathy Clay, the executive vice president at Cboe Global Markets, stated that blockchain technology can potentially unlock new opportunities in the market, such as the tokenization of real-world assets, which could create new market infrastructure and increase efficiency in product trading around the world.

The Canton network is being developed using Digital Asset’s smart-contract language, Daml.

This language will create an interoperable system that allows “assets, data, and cash” to synchronize across connected applications.

As institutional investors continue to show interest in the cryptocurrency market, signs of the crypto winter thawing are starting to appear. For example, in March, Cathie Wood’s ARK Investment purchased nearly $18 million worth of Coinbase shares, while a recent Goldman Sachs study found that 32% of family offices have investments in digital assets.

Additionally, according to Cointelegraph, on May 3, INX launched a new MPC wallet for institutional investors to control and manage their assets and employee access to them.

News Desk

Unlock News Desk, is a group of Blockchain and Crypto enthusiastic young people, working to keep Unlock readers up to date with the industry news. Connect with the team via email: info(@)

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