Chainlink has integrated with the Canton Network, an institutional blockchain backed by global banks and technology firms, in a move aimed at strengthening institutional adoption of blockchain technology.
The partnership, announced Wednesday, brings Chainlink’s data service, including its data streams, smartdata (proof of reserve and NAVLink) and the crosschain interoperability protocol (CCIP) onto the Canton Network. The network has also joined the Chainlink Scale program, which helps cover oracle operating costs.
As part of the agreement, Chainlink Labs will become a Canton Network “super validator.” A super validator is a combined node that runs a domain validator and a Canton synchronizer node. It participates in the Global Synchronizer to order and finalize cross-domain transactions, providing consensus and interoperability across the network.
Yuval Rooz, CEO of Canton Network developer Digital Asset, said, “Chainlink not only strengthens our governance and resilience, but also broadens the opportunities for innovators across traditional and decentralized finance.”
Chainlink co-founder Sergey Nazarov said that he expects the collaboration to enable “large-scale real-world use cases” that combine traditional and decentralized capital markets.
Launched in May 2023, the Canton Network was designed as an institutional blockchain to support tokenization and large-scale financial activity. It was developed with the backing of tech behemoth Microsoft, finance heavyweights Goldman Sachs, BNP Paribas and Cboe Global Markets, and crypto natives Digital Asset and Paxos.
The network’s governing body, formerly known as the Global Synchronizer Foundation, recently rebranded as the Canton Foundation. The foundation includes major validators such as Chainlink.
Source: Canton NetworkRelated: HSBC, BNP Paribas back Canton Foundation in institutional tokenization push
Growing institutional blockchain adoption
With its long list of influential partners, the Canton Network has seen significant growth since its launch. According to the announcement, Canton now supports over $6 trillion in onchain real-world assets, processes $280 billion of repurchase agreements daily and is backed by a network of 500 validators and more than 30 super validators.
The news follows recent reports that P2P.org has become a validator on the Canton Network. Earlier this month, the network also attracted the backing of major global banks BNP Paribas and HSBC, both of which joined the Canton Foundation.
Related: BlackRock weighs ETF tokenization as JPMorgan flags industry shift: Report
The integration comes as global financial institutions accelerate blockchain initiatives. This week, Ripple and the tokenization platform Securitize integrated the Ripple USD (RLUSD) stablecoin as an off-ramp for tokenized funds by major crypto investment firms BlackRock and VanEck.
Other developments this week include London-based Fnality securing $136 million from backers including Bank of America, Citi, and Temasek, and Kazakhstan’s central bank piloting a tenge-backed stablecoin with Solana and Mastercard.
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Source: https://cointelegraph.com/news/chainlink-integrates-with-canton-network-blockchain?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
