Chainlink Expands Blockchain Integration with Canton Network to Boost Institutional Adoption

According to Cointelegraph, Chainlink has announced its integration with the Canton Network, an institutional blockchain supported by global banks and technology firms, aiming to enhance the adoption of blockchain technology within institutional frameworks. This collaboration, revealed on Wednesday, incorporates Chainlink’s data services, including data streams, smartdata solutions like proof of reserve and NAVLink, and the cross-chain interoperability protocol (CCIP) into the Canton Network. Additionally, the network has joined the Chainlink Scale program, which assists in managing oracle operating costs. Chainlink Labs will assume the role of a Canton Network “super validator” as part of the agreement. A super validator functions as a combined node, operating both a domain validator and a Canton synchronizer node, participating in the Global Synchronizer to organize and finalize cross-domain transactions, thereby ensuring consensus and interoperability across the network. Yuval Rooz, CEO of Digital Asset, the developer of the Canton Network, emphasized that Chainlink enhances governance and resilience while expanding opportunities for innovation across both traditional and decentralized finance sectors. Chainlink co-founder Sergey Nazarov expressed optimism that the partnership would facilitate large-scale real-world applications that integrate traditional and decentralized capital markets. The Canton Network, launched in May 2023, is designed to support tokenization and large-scale financial activities, with backing from major entities such as Microsoft, Goldman Sachs, BNP Paribas, Cboe Global Markets, Digital Asset, and Paxos. The network’s governing body, previously known as the Global Synchronizer Foundation, has rebranded as the Canton Foundation, which includes prominent validators like Chainlink. The rebranding aims to better align the foundation’s purpose with the Canton Network’s objectives. Since its inception, the Canton Network has experienced substantial growth, supported by a roster of influential partners. The network now manages over $6 trillion in on-chain real-world assets, processes $280 billion in repurchase agreements daily, and is backed by a network of 500 validators and more than 30 super validators. Recent developments include P2P.org becoming a validator on the Canton Network, and major global banks BNP Paribas and HSBC joining the Canton Foundation. This integration occurs amid a broader trend of global financial institutions accelerating blockchain initiatives, with Ripple and Securitize integrating the Ripple USD stablecoin for tokenized funds by investment firms BlackRock and VanEck, and Fnality securing $136 million from backers including Bank of America, Citi, and Temasek. Additionally, Kazakhstan’s central bank is piloting a tenge-backed stablecoin with Solana and Mastercard.