To boost the integration of blockchain within established financial systems, Chainlink is now working with the Canton Network, a permissioned blockchain infrastructure supported by prominent global financial institutions and tech companies.
This collaboration, announced Wednesday, will see Chainlink’s suite of data solutions, including its data streams, smartdata (encompassing proof of reserve and NAVLink), and the cross-chain interoperability protocol (CCIP), made available on the Canton Network. Furthermore, the Canton Network has enrolled in the Chainlink Scale program, designed to assist with oracle operational expenditures.
As part of this arrangement, Chainlink Labs will assume the role of a “super validator” on the Canton Network. A super validator is a combined node function integrating a domain validator and a Canton synchronizer node. Its function is active participation within the Global Synchronizer to sequence and finalize cross-domain transactions, thus contributing to consensus building and interoperability throughout the network.
Yuval Rooz, the CEO of Digital Asset, the firm developing the Canton Network, noted, “Chainlink strengthens not only our governance model and overall resilience, but also opens up broader avenues for innovation across both traditional and decentralized financial landscapes.”
Sergey Nazarov, co-founder of Chainlink, anticipates that this cooperative venture will unlock “large-scale, real-world use cases” by synergizing traditional and decentralized capital markets.
The Canton Network, launched in May of 2023, serves as an institutional-grade blockchain platform engineered to facilitate tokenization and substantial financial operations. Its creation involved support from tech giant Microsoft, prominent financial entities such as Goldman Sachs, BNP Paribas, and Cboe Global Markets, along with digital asset companies like Digital Asset and Paxos.
The network’s governing organization, formerly known as the Global Synchronizer Foundation, has recently rebranded as the Canton Foundation. This foundation includes key validators, now including Chainlink, as major contributors.
“This rebranding represents solely a change in name, designed to better communicate our mission and enable the community to more clearly connect the Foundation’s activities with the Canton Network.”
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Leveraging its extensive network of influential partners, the Canton Network has experienced remarkable expansion since its inception. According to the official announcement, Canton now underpins over $6 trillion in on-chain real-world assets, facilitates $280 billion in daily repurchase agreements, and is fortified by a validation network consisting of 500 validators and over 30 super validators.
This announcement follows recent news that P2P.org has joined the Canton Network as a validator. Earlier this month, the network also secured the backing of prominent global banking institutions, including BNP Paribas and HSBC, both of which have become members of the Canton Foundation.
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This integration arrives amidst accelerating blockchain initiatives across global financial institutions. Recently, Ripple and the tokenization platform Securitize integrated the Ripple USD (RLUSD) stablecoin as a redemption mechanism for tokenized funds offered by leading crypto investment firms such as BlackRock and VanEck.
Additional developments this week include London-based Fnality successfully raising $136 million from investors including Bank of America, Citi, and Temasek. Also, the central bank of Kazakhstan is testing a stablecoin backed by the tenge in partnership with Solana and Mastercard.
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