Microsoft joins BNP Paribas, Goldman Sachs and others on new blockchain network

  • The new platform is a privacy-enabled blockchain dubbed the Canton Network.
  • Canton Network allows for interoperable and synchronised transactions in finance, unlocking efficiency and innovation.
  • Microsoft is a supporting partner and joins companies such as BNP Paribas, Deutsche Börse Group, and Goldman Sachs.

Microsoft is among several global tech and finance companies looking to advance interoperabiloty in the financial markets via a new privacy-enabled blockchain network.

The institutional-focused blockchain is dubbed the Canton Network and will offer access to a decentralised infrastructure targeted at unlocking the potential of synchronised financial markets, according to details shared in a press release on Tuesday.

The Canton Network consortium includes crypto platform Digital Asset, investment banking providers BNP Paribas and Goldman Sachs and auditing giant Deloitte. Other partners are Cboe Global Markets, Cumberland, Deutsche Börse Group, EquiLend, Moody’s, and Paxos among others.

Harnessing the power of blockchain technology

Created as a ‘network of networks’, Canton will see previously siloed systems within the financial markets ecosystem interoperate – with industry players benefiting from aspects such as proper governance, privacy, and permissioning applicable to the highly regulated sector.

Apart from harnessing the power of blockchain, the project will also look to advance integration of Web3 and AI in the financial industry.

Rashmi Misra, the General Manager AI & Emerging Technologies, Business Development at Microsoft, said:

We are excited to be a supporting partner of the Canton Network. We look forward to helping the financial community build and scale cloud enabled Web3 applications on Azure while harnessing the power of AI to improve the user experience and drive developer adoption.”

Canton Network participants are set to test the interoperability capabilities of the platform starting in July. Users will be able to execute atomic transactions across multiple smart contracts, with rapid cross-chain settlement, privacy and security.

Adoption of blockchain technology and digital assets among financial institutions and payments providers has picked up again after a lull that came with the turmoil of the crypto winter and regulatory uncertainty.

Recent moves in this direction have been made by companies like Visa and Mastercard.

All Dutch and English crypto news!

Crypto exchange TrigonX latest to emerge from the FTX rubble

TrigonX is back from the dead after it went into receivership in December, due in part to its $13 million exposure to bankrupt crypto exchange...

Optimism set to unlock $587M worth of OP tokens, will investors unload?

More than 386 million OP tokens are scheduled to be unlocked on May 31, more than doubling the total circulating supply.

Crypto firms jockey for Hong Kong licenses ahead of June 1 retail opening

Hong Kong’s retail trading regime is days away from going live and crypto exchanges are keen to make entry into the region.

Deal to avoid US debt default nixes proposed 30% crypto mining tax, says Ohio lawmaker

According to Representative Warren Davidson, legislation to address the U.S. debt ceiling blocks “proposed taxes,” including a 30% tax on electricity used by crypto miners.

Beste exchanges

Koop je crypto bij Bitvavo