Canton Network launches new decentralised interoperability infrastructure
01 July 2024 Switzerland
Image: cac_tus/stock.adobe.com
The Canton Network has gone live with its decentralised interoperability infrastructure, Global Synchronizer, after a decade of technological development.
The launch marks a pivotal step towards unlocking the full potential of synchronised financial markets, according to the market participants who run the Canton Network.
The organisation says its new infrastructure provides “first-of-its-kind” connectivity for the tokenisation and exchange of regulated financial assets and liabilities.
It is designed to enhance interoperability on the Canton Network, a public-permissioned blockchain network designed with the privacy and controls required to facilitate the exchange of regulated financial assets.
The Global Synchronizer is operated and governed in a decentralised manner, with internet-like scalability, the firm says, so that no single party controls the service, and limiting the potential for any single point of failure.
The infrastructure is designed to offer clients enhanced efficiency, reduced operational costs, and minimal risks.
In addition, the Global Synchronizer includes a utility token, called Canton Coin, which is used to pay traffic fees for using the infrastructure.
It is designed to incentivise third parties to build applications using the Global Synchronizer, rewarding connections that accelerate connected capital markets.
Commenting on the announcement, Yuval Rooz, CEO and co-founder of Digital Asset, says: “Canton Network participants have taken a long-term strategic view on what was needed to enable the modernisation of synchronised global capital markets.
“Firms have convened over the past year for the initial launch and subsequent testing of the Canton Network. We are excited to see the governance and incentive mechanisms in place to facilitate the adoption and use of the Network as it goes live.”
The Canton Network aims to deliver near-term efficiencies for the highest concentrations
of tokenised assets, while also facilitating new opportunities as more applications and liquidity are brought on-chain.
A number of market participants are engaging with the organisation, including Broadridge, Ownera, Calastone, EquiLend and Digital Asset.
The launch marks a pivotal step towards unlocking the full potential of synchronised financial markets, according to the market participants who run the Canton Network.
The organisation says its new infrastructure provides “first-of-its-kind” connectivity for the tokenisation and exchange of regulated financial assets and liabilities.
It is designed to enhance interoperability on the Canton Network, a public-permissioned blockchain network designed with the privacy and controls required to facilitate the exchange of regulated financial assets.
The Global Synchronizer is operated and governed in a decentralised manner, with internet-like scalability, the firm says, so that no single party controls the service, and limiting the potential for any single point of failure.
The infrastructure is designed to offer clients enhanced efficiency, reduced operational costs, and minimal risks.
In addition, the Global Synchronizer includes a utility token, called Canton Coin, which is used to pay traffic fees for using the infrastructure.
It is designed to incentivise third parties to build applications using the Global Synchronizer, rewarding connections that accelerate connected capital markets.
Commenting on the announcement, Yuval Rooz, CEO and co-founder of Digital Asset, says: “Canton Network participants have taken a long-term strategic view on what was needed to enable the modernisation of synchronised global capital markets.
“Firms have convened over the past year for the initial launch and subsequent testing of the Canton Network. We are excited to see the governance and incentive mechanisms in place to facilitate the adoption and use of the Network as it goes live.”
The Canton Network aims to deliver near-term efficiencies for the highest concentrations
of tokenised assets, while also facilitating new opportunities as more applications and liquidity are brought on-chain.
A number of market participants are engaging with the organisation, including Broadridge, Ownera, Calastone, EquiLend and Digital Asset.
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