Financial firms like Deloitte, S&P Global, and Moody’s have come together to support the launch of the Canton Network, a blockchain designed to streamline financial markets with Web3 tech.

The network aims to provide companies with decentralized infrastructure that could make transactions more efficient, linking financial systems together and allowing them to operate in a synchronized way, participants said in a press release.

“Assets, data, and cash can synchronize freely across applications,” they said. “This creates opportunities for financial institutions to offer new innovative products to their clients while enhancing their efficiency and risk management.”

The institutional adoption of Web3 tech was still robust last year despite a slump in digital asset prices. The announcement signals that some firms still view blockchain tech positively regarding its potential, despite a regulatory cloud in the U.S. and harm caused by several crypto-native collapses.

The Canton Network leverages a smart-contract language named Daml, created by the software company Digital Asset.

“For the first time, financial institutions can realize the full benefits of a global blockchain network while operating within the regulatory guardrails that ensure a safe, sound, and fair financial system,” said Digital Asset co-founder and CEO Yuva

Go to Source to See Full Article
Author: André Beganski

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details