BNP Paribas and HSBC join Canton Foundation

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The banks follow Goldman Sachs, Hong Kong FMI Services, and Moody’s Ratings, which joined the Canton Foundation in March, bringing total membership to more than 30.

Set up by Digital Asset with participation from financial institutions, infrastructure providers and technology firms in 2023, the Canton Network is a privacy-enabled interoperable blockchain network designed for institutional assets.

With over $3.6 trillion in tokenised assets on-chain, its institutional-grade scale promises to synchronise previously siloed systems with the configurable privacy and controls required to unlock asset mobility across tradfi and crypto ecosystems.

The foundation’s role is to foster the development and growth of the Global Synchronizer in the Canton Network and facilitate its governance. The synchronizer provides the infrastructure for synchronizing digital assets across permissioned blockchains on the network.

“Driving liquidity in digital asset markets requires ecosystems with strong connectivity and market access,” says John O’Neill, group head, digital assets and currencies, 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.”