Chainlink has partnered with the Canton Network, an institutional blockchain supported by global banks and tech firms, to enhance the institutional adoption of blockchain technology.
The collaboration, revealed on Wednesday, integrates Chainlink’s data services, which include data streams, smartdata (proof of reserve and NAVLink), and the cross-chain interoperability protocol (CCIP) into the Canton Network. Additionally, the network has joined the Chainlink Scale program, which helps offset oracle operating expenses.
Under this agreement, Chainlink Labs will serve as a Canton Network “super validator.” This role involves a combined node that operates both a domain validator and a Canton synchronizer node, participating in the Global Synchronizer to processes and finalize cross-domain transactions, thus providing consensus and interoperability across the network.
Yuval Rooz, CEO of Canton Network developer Digital Asset, stated, “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 his expectation that this partnership will facilitate “large-scale real-world use cases” that merge traditional and decentralized capital markets.
Established in May 2023, the Canton Network is an institutional blockchain aimed at bolstering tokenization and large-scale financial operations. It has been developed with the support of major tech companies such as Microsoft, financial leaders like Goldman Sachs, BNP Paribas, and Cboe Global Markets, as well as crypto pioneers Digital Asset and Paxos.
The organization overseeing the network, previously called the Global Synchronizer Foundation, has recently rebranded to the Canton Foundation, which includes leading validators like Chainlink.
“This name change is solely intended to reflect our core mission better and connect the community more closely with the Canton Network’s objectives.”
Related: HSBC, BNP Paribas back Canton Foundation in institutional tokenization push
Growing institutional blockchain adoption
The Canton Network has experienced notable growth since its inception, bolstered by its extensive roster of influential partners. Currently, it supports over $6 trillion in on-chain real-world assets, handles $280 billion in daily repurchase agreements, and is backed by a network of 500 validators and over 30 super validators.
This news follows the announcement that P2P.org has become 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 takes place as global financial institutions ramp up their blockchain initiatives. Recently, Ripple and the tokenization platform Securitize integrated the Ripple USD (RLUSD) stablecoin as a means for off-ramping funds tokenized by major crypto investment firms such as BlackRock and VanEck.
Other developments in the week include London-based Fnality securing $136 million from investors including Bank of America, Citi, and Temasek, and the central bank of Kazakhstan piloting a tenge-backed stablecoin in collaboration with Solana and Mastercard.
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