- Microsoft, Goldman Sachs, Deloitte, and others are partnering for a new blockchain network.
- The new blockchain network will cater to financial institutions.
- The Canton network will begin testing its capabilities in July.
- As the harsh crypto winter melts, more investors show interest in the industry.
- ARK Investment reportedly purchased $18 million worth of Coinbase shares.
A new blockchain network created to cater to financial institutions, The Canton blockchain, will be launched by Digital Asset and several firms, including Microsoft, Deloitte, and Goldman Sachs.
The innovation is supported by the Conglomerate’s tech and financial sector participants. According to an announcement made on May 9, the soon-to-be-launched blockchain network will be a privacy-enabled interoperable blockchain network created for the benefit of those working with institutional assets.
The network will aid in synchronizing financial markets that were previously isolated. The Canton network will begin tearing its capabilities in two months, including extensive privacy control and its ability to achieve the scale and performance necessary for major financial institutions.
Other participants in the network alongside Microsoft and Goldman Sachs are BNP Paribas, Deloitte, Cboe global markets, Paxos, and Digital assets.
The Executive Vice President of Cboe Global Market, Cathy Clay, stated that when blockchain technology is leveraged correctly, it can unlock new opportunities in the financial market.
Tokenizing real-world assets could offer unprecedented opportunities that will aid in creating new market infrastructure and drive efficiency in trading products worldwide.
The Canton network is being built on Daml, Digital Asset’s smart language that aids in creating an interoperable system where assets, data, and cash can be linked across several applications.
With the harsh crypto winter finally showing signs of unthawing, the industry continues to gain the interest of investors, and institutional investments can continue.
Cathie Wood’s ARK investment bought around $18 million worth of Coinbase shares in March, equal to 269,928 shares. A recent study from Goldman Sachs showed that 32% of the family offices are currently invested in digital assets.
Earlier this month, a securities token platform INX launched a new MPC wallet to assist institutional investors in controlling assets and enabling employees to access said assets.
Conclusion
Goldman Sachs has always expressed interest in investing in crypto, even with the harsh crypto winter. So, it is no surprise that the firm is involved in creating The Canton network for financial institutions.
Goldman’s digital assets team has previously invested in 11 digital assets companies, and even amidst layoffs in the Conglomerate in March, there were still talks of expanding its crypto sector.
Goldman Sachs has invested in several digital assets companies that deal with services like Cryptocurrency data, blockchain management, and compliance; Canton’s network services are right up the alley of the Conglomerate’s interests. Microsoft has also been making more moves to step into the crypto space for a while.
