Wall Street Giants Test Blockchain for Capital Markets

Goldman Sachs, BNY Mellon, and Cboe Global Markets, along with other prominent financial firms, have successfully completed large-scale pilot testing of Canton Network, a blockchain platform designed for institutional assets, according to Bloomberg.

The test, which involved more than 350 simulated transactions across a variety of financial services, aimed to demonstrate the potential of blockchain technology to reduce risk and optimize capital in capital markets.

According to media site Crypto News, the pilot involved 155 representatives from 45 organizations and demonstrated interoperability across 22 permissioned blockchains.

Canton Network, launched by Digital Asset Holdings in May last year, was originally scheduled to begin testing in July 2023.

The four-day trial period allowed institutional investors to participate in 22 decentralized applications and execute transactions in areas such as tokenized assets, fund registration, digital cash, repo, securities lending, and margin management.