Chainlink has formed a partnership with the Canton Network, an institutional blockchain supported by global banks and tech companies, to enhance the institutional adoption of blockchain technology.
This collaboration, revealed on Wednesday, introduces Chainlink’s data services, including its data streams, smartdata (proof of reserve and NAVLink), and the crosschain interoperability protocol (CCIP) to the Canton Network. Additionally, the network has joined the Chainlink Scale program, which aids in covering oracle operating expenses.
Under the terms of the agreement, Chainlink Labs will serve as a “super validator” for the Canton Network. A super validator operates a combined node that includes a domain validator and a Canton synchronizer node. This role contributes to the Global Synchronizer’s function of ordering and finalizing cross-domain transactions, ensuring consensus and interoperability throughout the network.
Yuval Rooz, CEO of Canton Network developer Digital Asset, stated, “Chainlink not only fortifies our governance and resilience, but it also expands the possibilities for innovators in both traditional and decentralized finance.”
Chainlink co-founder Sergey Nazarov expressed optimism that the partnership would facilitate “large-scale real-world applications” merging traditional and decentralized capital markets.
The Canton Network, launched in May 2023, was crafted as an institutional blockchain to facilitate tokenization and large-scale financial operations. It enjoys the support of major technology firms like Microsoft and financial entities such as Goldman Sachs, BNP Paribas, and Cboe Global Markets, as well as crypto-oriented companies Digital Asset and Paxos.
The network’s governing body, previously recognized as the Global Synchronizer Foundation, has recently rebranded to the Canton Foundation. The foundation now 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
With a robust roster of influential partners, the Canton Network has experienced substantial growth since its inception. As stated in the announcement, the network now supports over $6 trillion in on-chain real-world assets, manages $280 billion worth of repurchase agreements daily, and is fortified by a network of 500 validators and more than 30 super validators.
The announcement follows recent disclosures that P2P.org has become a validator on the Canton Network. Earlier this month, the network also gained the support of major global banks BNP Paribas and HSBC, both of which have joined the Canton Foundation.
Related: BlackRock weighs ETF tokenization as JPMorgan flags industry shift: Report
The integration arrives as international financial institutions ramp up their blockchain initiatives. This week, Ripple and the tokenization platform Securitize introduced the Ripple USD (RLUSD) stablecoin as a means for off-ramping tokenized funds for significant crypto investment firms like BlackRock and VanEck.
Other updates this week include London-based Fnality securing $136 million from investors, including Bank of America, Citi, and Temasek, while Kazakhstan’s central bank is piloting a tenge-backed stablecoin in collaboration with Solana and Mastercard.
Magazine: Coinbase and Base: Is crypto just becoming traditional finance 2.0?
