Chainlink Integrates with Canton Network to Enhance Blockchain Adoption

Chainlink has announced its integration with the Canton Network, an institutional blockchain supported by global banks and technology firms, in a strategic move to bolster the institutional adoption of blockchain technology.

Details of the Partnership

The collaboration, revealed on Wednesday, incorporates Chainlink’s data services—featuring data streams, smartdata (proof of reserve and NAVLink), as well as the cross-chain interoperability protocol (CCIP)—into the Canton Network. Additionally, the Canton Network has joined the Chainlink Scale program, which assists in covering oracle operating costs.

Under this agreement, Chainlink Labs will act as a Canton Network “super validator.” This super validator combines a domain validator with a Canton synchronizer node, participating in the Global Synchronizer to order and finalize cross-domain transactions, thereby providing consensus and interoperability throughout the network.

Yuval Rooz, the CEO of Canton Network developer Digital Asset, commented, “Chainlink not only strengthens our governance and resilience, but also broadens the opportunities for innovators across traditional and decentralized finance.”

Chainlink co-founder Sergey Nazarov mentioned that he anticipates this collaboration will facilitate “large-scale real-world use cases” that merge traditional and decentralized capital markets.

About the Canton Network

Launched in May 2023, the Canton Network serves as an institutional blockchain intended to foster tokenization and large-scale financial activities. It has garnered the support of tech giant Microsoft, major finance entities including Goldman Sachs, BNP Paribas, and Cboe Global Markets, alongside crypto-native firms Digital Asset and Paxos.

The network’s governing body, which was previously called the Global Synchronizer Foundation, has recently rebranded as the Canton Foundation, which comprises key validators such as Chainlink.

Thanks to its impressive roster of influential partners, the Canton Network has experienced substantial growth since its initiation. According to their announcement, Canton now manages over $6 trillion in on-chain real-world assets, processes daily repurchase agreements totaling $280 billion, and boasts a network of 500 validators along with more than 30 super validators.

This announcement follows recent developments where P2P.org has become a validator on the Canton Network. Earlier this month, major global banking institutions BNP Paribas and HSBC also joined the Canton Foundation.

This integration aligns with the accelerating blockchain initiatives of global financial institutions. Just this week, Ripple and the tokenization platform Securitize have integrated the Ripple USD (RLUSD) stablecoin as an off-ramp for tokenized funds associated with significant crypto investment firms like BlackRock and VanEck.

Other noteworthy activities this week include London’s Fnality securing $136 million from investors including Bank of America, Citi, and Temasek, along with Kazakhstan’s central bank piloting a tenge-backed stablecoin in collaboration with Solana and Mastercard.