According to CoinDesk, Digital Asset, a bluechip financial blockchain provider, has successfully completed a test of its Canton Network, involving major financial institutions such as Goldman Sachs, BNY Mellon, DRW, Oliver Wyman, and Paxos. The pilot included 15 asset managers, 13 banks, four custodians, and three exchanges, enabling seamless transactions and settlements of tokenized assets, as well as handling fund registry, digital cash, repo, securities lending, and margin management transactions.
The successful execution of over 350 simulated transactions demonstrated how a network of interoperable applications can seamlessly connect to enable secure, atomic transactions across multiple parts of the capital markets value chain. The test also showcased the potential benefits of using such a network to reduce counterparty and settlement risk, optimize capital, and enable intraday margin cycles. The growing interest in enterprise blockchain is driven by a renewed focus on tokenization, which involves realizing existing financial assets as blockchain-based tokens.
Digital Asset CEO Yuval Rooz stated that Canton allows previously siloed financial systems to connect and synchronize in previously impossible ways while abiding by current regulatory guardrails. Additional pilot participants included abrdn, 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, with Deloitte acting as an observer and Microsoft as a supporting partner.
