Chainlink has partnered with the Canton Network, an institutional blockchain supported by global banks and technology companies, to enhance institutional adoption of blockchain technology.
This collaboration, announced on Wednesday, integrates Chainlink’s data services, including data streams, smartdata (proof of reserve and NAVLink), and the cross-chain interoperability protocol (CCIP) with the Canton Network. Additionally, the network has become a participant in the Chainlink Scale program, offering support for oracle operating expenses.
Under the agreement, Chainlink Labs will act as a “super validator” for the Canton Network. A super validator combines a domain validator and a Canton synchronizer node, participating in the Global Synchronizer to manage and finalize cross-domain transactions, ensuring consensus and interoperability across the network.
Yuval Rooz, CEO of Canton Network developer Digital Asset, noted, “Chainlink not only fortifies our governance and resilience but also expands opportunities for innovators in both traditional and decentralized finance.”
Chainlink co-founder Sergey Nazarov expressed optimism for the partnership, expecting it to facilitate “large-scale real-world use cases” bridging traditional and decentralized capital markets.
The Canton Network, launched in May 2023, serves as an institutional blockchain tailored for tokenization and extensive financial operations. It is supported by major tech firms like Microsoft and finance leaders including Goldman Sachs, BNP Paribas, Cboe Global Markets, as well as crypto firms Digital Asset and Paxos.
The network’s governing entity, previously known as the Global Synchronizer Foundation, has rebranded to the Canton Foundation, which includes prominent validators like Chainlink.
“This is a change in name only, designed to better reflect our purpose and help the community connect the Foundation’s work more directly with the Canton Network.“
Related: HSBC, BNP Paribas back Canton Foundation in institutional tokenization push
Growing institutional blockchain adoption
The Canton Network has exhibited substantial growth since its inception, bolstered by its extensive list of influential partners. Currently, Canton supports over $6 trillion in on-chain real-world assets, processes $280 billion in repurchase agreements daily, and is reinforced by a network of 500 validators and more than 30 super validators.
This announcement comes on the heels of P2P.org becoming a validator on the Canton Network. Earlier this month, major global banks BNP Paribas and HSBC also joined the Canton Foundation.
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The integration aligns with the swift pace at which global financial institutions are advancing their blockchain initiatives. Recently, Ripple and tokenization platform Securitize integrated the Ripple USD (RLUSD) stablecoin as an off-ramp for tokenized funds by significant crypto investment firms BlackRock and VanEck.
Additional developments from this week include London-based Fnality raising $136 million from investors such as Bank of America, Citi, and Temasek, as well as Kazakhstan’s central bank testing a tenge-backed stablecoin alongside Solana and Mastercard.
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