Finance Giants Pilot Canton Network

Financial powerhouses including Goldman Sachs, BNY Mellon, Paxos, and others have concluded their testing phase of the blockchain Canton Network, engineered by Bluechip Digital Asset. The initiative brought together 15 asset management companies, 13 banks, four depositary institutions, and three exchanges in its pilot phase.

Targeted at the trading of tokenized assets and digital currencies, the network oversaw more than 350 different successful transactions during its trial phase, with firms believing that Canton Network offers substantial benefits over current technologies.

Canton allows previously siloed financial systems to connect and synchronize in previously impossible ways while abiding by the current regulatory guardrails,

remarked Yuval Rooz, CEO of Bluechip Digital Asset.

In addition to the official participants, the project also saw involvement from the auditing company Deloitte and Microsoft, which provided technical support. Private blockchains like Canton Network continue to grow in popularity among financial entities, driven by an interest in the tokenization process.

It's noteworthy that Imperium Markets, an Australian fintech, has recently called on the government to hasten the tokenization of the nation's financial products, advocating for a competitive edge in the current investment market landscape.