Goldman Sachs and BNY Mellon among participants in Canton Network blockchain pilot

Digital Asset, a leader in blockchain solutions for financial markets, recently completed a test of its Canton Network, featuring collaboration with major financial institutions including Goldman Sachs, BNY Mellon, DRW, Oliver Wyman, and Paxos. The pilot involved a comprehensive group of participants, encompassing 15 asset managers, 13 banks, four custodians, and three exchanges. This trial allowed these entities to transact and settle with tokenized assets through a series of over 350 simulated transactions, according to a press release on Tuesday

The Canton Network aims to facilitate seamless interactions across various segments of the capital markets, addressing operations like fund registry, digital cash, repo, securities lending, and margin management transactions. This test demonstrated the network’s potential in enabling secure, atomic transactions that span multiple parts of the capital markets value chain.

The platform’s design focuses on interoperability and regulatory compliance, allowing financial systems that were previously isolated to connect and synchronize. Digital Asset’s CEO, Yuval Rooz, highlighted the network’s capability to bridge different financial systems within existing regulatory frameworks. This approach aims to reduce counterparty and settlement risks, optimize capital usage, and support intraday margin cycles.

Additional participants in the pilot included notable names such as abrdn, Baymarkets, BNP Paribas, BOK Financial, Cboe Global Markets, Commerzbank, DTCC, Fiùtur, Generali Investments, Harvest Fund Management, IEX, Nomura, Northern Trust, Pirum, Standard Chartered, State Street, Visa, and Wellington Management. Deloitte served as an observer for the pilot, with Microsoft participating as a supporting partner..

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