BNP Paribas and HSBC join the Canton Foundation

Source: The Canton Foundation

The Canton Foundation announced today that BNP Paribas and HSBC have joined the foundation.

The addition of these new members continues the trend following the inclusion of Goldman Sachs, Hong Kong Financial Market Infrastructure Limited (HKFMI), and Moody's Ratings in March this year, highlighting the growing trust of global financial institutions in the Canton Network and its strategic importance in the evolution of global financial infrastructure.

The new members' inclusion confirms that the financial industry is collectively embracing decentralized technology, which prioritizes data privacy, operational control, and large-scale interoperability. With the accelerated development of tokenized finance, the joining of BNP Paribas and HSBC marks a key step for the Canton Network in synchronizing global capital market processes.

Melvis Langyintuo, Executive Director of the Canton Foundation, stated: "We are very pleased to welcome BNP Paribas and HSBC to the Canton Foundation. Their participation will strengthen the governance and strategic direction of the Canton Network as we continue to build an open, neutral, and robust blockchain infrastructure for regulated markets."

Hubert de Lambilly, Global Markets Head for Continental Europe, the Middle East, and Africa at BNP Paribas, said: "Joining the Canton Foundation demonstrates BNP Paribas's ongoing commitment to digital transformation and the adoption of distributed ledger technology to meet the evolving needs of our clients. Participating in this initiative provides us with valuable opportunities to collaborate with key industry players to drive the long-term role of blockchain technology in regulated financial sectors."

John O'Neill, Head of Digital Assets and Currency at HSBC Group, stated: "Driving liquidity in the digital asset market requires a robust ecosystem of connectivity and market access. Joining the Canton Foundation helps HSBC continue its transformation towards new infrastructure that supports complex multi-asset trading in a trusted and transparent manner."

Global Synchronizer provides critical infrastructure for the synchronization of digital assets across permissioned blockchains on the Canton Network. The Canton Foundation is governed by industry stakeholders, including fintech companies, service providers, and leading global banks, ensuring the decentralized and neutral governance of this critical component.

With the addition of BNP Paribas and HSBC, the Canton Foundation now has over 30 members, including institutions such as Broadridge, Tradeweb, and Digital Asset, as well as the recently joined Goldman Sachs, HKFMI, and Moody's Ratings. These institutions are collectively shaping a decentralized ecosystem aimed at supporting real-world financial applications with high regulatory and operational standards.

About the Canton Foundation

The mission of the Canton Foundation is to promote the growth and governance of global synchronizers within the Canton Network. The foundation ensures reliable, fair, and trustworthy services for the Canton Network through decision transparency and member participation mechanisms of global synchronizer operators (super validators). Blockchain applications within the Canton Network can achieve atomic transactions across independent blockchains through global synchronizers while ensuring privacy and control. For more details, please click here.

About the Canton Network

The Canton Network is the only permissioned blockchain in the financial industry with on-chain privacy features, crucial for enabling seamless flows of assets and capital across decentralized open channels. Its on-chain tokenized asset scale exceeds $3.6 trillion, synchronizing existing isolated systems with unprecedented configurable privacy and control features, thereby unlocking asset liquidity between traditional finance and the crypto ecosystem. This infrastructure will be launched in July 2024, governed by the Canton Foundation to ensure organizational neutrality and promote ecosystem innovation. For more details, please click here.