Goldman Sachs Group Inc., Microsoft Corp., Deloitte Touche Tohmatsu Ltd., Moody’s Corp. and other institutions are partnering with New York-based fintech company Digital Asset for the launch of the Canton Network, a blockchain that aims to link institutions and financial assets and offer improved privacy and control at lower cost.
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Fast facts
- Digital Asset on Tuesday announced the names of the partners and said the blockchain project will connect applications based on the company’s native smart contract language Daml.
- The Canton Network aims to provide decentralization while maintaining regulatory compliance for governance and privacy, according to the press release.
- Will Womble, chief executive officer at Houston-based digital product studio Umbrage, one of the participants in the Canton Network, said: “This network will be the catalyst for regulated financial institutions to operate together on a grand scale.”
- The launch date for the network hasn’t been announced, but participants will be able to test the network’s capabilities and applications from July, the press release said.
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