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HomeBankingDigital Asset’s Canton Network completes first trial with global banking heavyweights

Digital Asset’s Canton Network completes first trial with global banking heavyweights

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  • The Canton Network, developed by Digital Asset Holdings, recently concluded a four-day pilot aimed at testing interoperable distributed ledger applications (dApps) leveraging blockchain technology for atomic transactions in banking and capital markets.
  • The trial involved 155 participants from various sectors including asset managers, banks, custodians, exchanges, and financial market infrastructure providers.
  • Notable participants included BNY Mellon, BNP Paribas, Standard Chartered, Goldman Sachs, Broadridge, and Oliver Wyman, among others.
  • Participants utilized 22 dApps covering areas such as fund, cash, and bond registries, trading, margin, and financing solutions.
  • Over 350 simulated transactions were executed for asset tokenization, fund registry, digital cash, repo, securities lending, and margin management.
  • Digital Asset Holdings reported that the transactions showcased the potential of the Canton Network to reduce counterparty and settlement risk, optimize capital, and enable intraday margin cycles.
  • The dApps demonstrated proficiency in achieving real-time settlement and immediate reconciliation across counterparty systems while ensuring compliance with asset control, security, and data privacy regulations.
  • Digital Asset claims that the Canton Network is the industry’s “first privacy-enabled interoperable blockchain,” addressing the shortcomings of existing smart-contract blockchain networks, particularly in data privacy and control.
  • Yuval Rooz, CEO and co-founder of Digital Asset emphasized that the Canton Network allows previously siloed financial systems to connect and synchronize in previously impossible ways while adhering to current regulatory standards.
  • The completion of the recent pilot is seen as an important milestone in the development of the Canton Network, marking its potential to revolutionize financial transactions and interoperability in the banking and capital markets sectors.

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