In a significant move to enhance the adoption of blockchain technology within institutional finance, the Canton Network has formally entered into a strategic partnership with Chainlink. This collaboration aims to provide robust access to Chainlink’s industry-standard data services and cross-chain infrastructure, thus reinforcing the Canton Network’s goals.
As part of this agreement, the Canton Network joins the Chainlink Scale program, facilitating the integration of various Chainlink technologies including Data Streams and SmartData solutions like Proof of Reserve and NAVLink, as well as the Cross-Chain Interoperability Protocol (CCIP). These integrations are designed to empower institutions within the Canton Network ecosystem with the same high-level infrastructure that has been pivotal in securing over $100 billion in the decentralized finance (DeFi) sector and managing an asserted $25 trillion in transaction value.
Moreover, Chainlink Labs will contribute to the Canton Network’s operations as a Super Validator. This role entails participating in the Global Synchronizer, a vital component of the network’s architecture, aimed at ensuring effective synchronization and validation processes. This partnership signifies not only a technical integration but also a commitment to enhancing the scalability and resilience of the Canton Network, which is specifically tailored to meet the regulatory and privacy standards essential for institutional finance.
The Canton Network distinguishes itself with its substantial roster of institutional participants, currently supporting over $6 trillion worth of on-chain real-world assets and processing $280 billion in repos on a daily basis. This achievement is bolstered by a network of 500 validators and more than 30 super validators, which propels its standing as a leader in the space.
By integrating with the Chainlink Scale program, the Canton Network looks to provide cost-effective and secure Chainlink services to institutions. This initiative includes covering certain operating costs associated with Chainlink’s oracle nodes, which will deliver various data solutions and services critical for enhancing institutional blockchain utilities. This strategic move is expected to lead to increased connectivity, resilience, and transparency in areas including tokenized assets, stablecoins, and digital identity solutions.
Key stakeholders in both organizations have expressed enthusiasm regarding this partnership. Sergey Nazarov, Chainlink’s Co-Founder, emphasized the synergy between Chainlink’s infrastructure and Canton’s focus on privacy and compliance, noting that together they can propel large-scale real-world applications while bridging traditional and decentralized capital markets. Yuval Rooz, CEO of Digital Asset, further echoed this sentiment, highlighting how Chainlink’s involvement enriches the governance and resilience of the Canton ecosystem, opening avenues for innovation across both traditional and decentralized finance domains.
As institutions increasingly explore the possibilities of tokenized and on-chain assets, the readiness of Chainlink’s infrastructure on the Canton Network presents fresh avenues for developers and enterprises to collaborate and innovate within a framework designed specifically for regulated markets.
This partnership is poised to build upon the Canton Network’s existing momentum in expanding its alliances with world-class institutions and technology providers. It reinforces its mission as a pioneering platform for linking conventional and decentralized finance, enhancing its governance framework through Chainlink’s recent admission to the Global Synchronizer Foundation, which oversees the interoperability layer of the Canton Network.
In summary, the collaboration between the Canton Network and Chainlink heralds a new era in institutional blockchain adoption, promising to bridge gaps between traditional financial institutions and the burgeoning decentralized finance landscape. By aligning their strengths, both organizations are positioning themselves as formidable players in the rapidly evolving financial technology sector.
