The new members will support the Canton Network’s efforts to become an open, neutral and robust blockchain foundation for regulated markets.
BNP Paribas and HSBC have joined the Canton Foundation, which is the overseer of the Canton Network, said to be the only permissioned blockchain for the financial services industry, officials say.
BNP Paribas and HSBC are the latest additions to a roster of more than 30 members, including Broadridge Financial Solutions, Tradeweb, Digital Asset, Goldman Sachs, HKFMI, and Moody’s Ratings, officials say.
“As tokenized finance accelerates, the inclusion of BNP Paribas and HSBC marks another key step in the Canton Network’s trajectory toward synchronizing global capital markets,” according to the announcement.
The support from BNP Paribas and HSBC “will strengthen the governance and strategic direction of the Canton Network as we continue to establish an open, neutral and robust blockchain foundation for regulated markets,” says Melvis Langyintuo, executive director of the Canton Foundation, in a prepared statement.
“Joining the Canton Foundation underscores BNP Paribas’ ongoing commitment to digital transformation and adopting distributed ledger technology to serve our evolving client needs,” says Hubert de Lambilly, head of global markets Continental Europe, Middle East and Africa at BNP Paribas, in a prepared statement. “Participating in this initiative offers a valuable opportunity to collaborate with key industry players as we advance the long-term role of blockchain technologies in regulated finance.”
“Driving liquidity in digital asset markets requires ecosystems with strong connectivity and market access,” says John O’Neill, group head of digital assets and currencies at HSBC. “Joining the Canton Foundation will help HSBC to continue to contribute to a shift toward infrastructure that can support complex, multi-asset transactions with trust and transparency.”
A key component of the Canton Network is the Global Synchronizer, which “provides the critical infrastructure for synchronizing digital assets across permissioned blockchains … Governed by a community of industry stakeholders, including fintechs, service providers and leading global banks, the Canton Foundation ensures the decentralized and neutral governance of this pivotal component,” officials note “ The Canton Foundation’s mission is to foster the development and growth of the Global Synchronizer in the Canton Network and facilitate its governance.”
Need a Reprint?