JAKARTA - A new blockchain network aimed at financial institutions is under development by participating conglomerates in finance and technology, including Microsoft and Goldman Sachs.
According to the announcement on May 9, Canton Network will become a blockchain network that allows privacy and interoperability for those working with institutional assets. This will allow previously isolated financial market synchronization.
The network will begin testing its capabilities in July, which includes extensive privacy control and the ability to achieve the scale and performance required by major financial institutions. Participants in the current network include BNP Paribas, Cboe Global Markets, Digital Assets, Paxos, Microsoft, Goldman Sachs, Deloitte, and others.
Cathy Clay, executive vice president of Cboe Global Markets - one of the partners in the project - said that when blockchain technology was used, it could potentially "open up" new opportunities in the market.
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"Making tokens from real-world assets can offer unprecedented opportunities to create new market infrastructure and drive efficiency in product trading around the world," Clay was quoted as saying by Cointelegraph.
Canton builds on Daml, the smart contract language Digital Asset, which creates an interoperable system where "assets, data, and money" can be synchronized in connected applications.
As crypto winter shows signs of improving, interest in investment and industry continues from institutional investors.
In March, Cathie Wood's ARK Investment bought about 18 million US dollars (Rp265.6 billion) shares of Coinbase, the same as about 269,928 shares. A study from Goldman Sachs released on May 8 revealed that 32% of the family's current offices have investments in digital assets.
On May 3, the SECURity token platform INX launched a new MPC wallet for institutional investors to control employees' assets and access to the asset.
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