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Goldman Sachs, BNY Mellon and others test enterprise blockchain for tokenised assets

Wednesday 13 March 2024 12:44 CET | News

Digital Asset has completed a test of its Canton Network, with the participation of like Goldman Sachs, BNY Mellon, DRW, Oliver Wyman, and Paxos. 

According to the official announcement, the Canton pilot, which involved 15 asset managers, 13 banks, four custodians and three exchanges, allowed the firms to transact and settle tokenised assets and deal with fund registry, digital cash, repo, securities lending, and margin management transactions.

Digital Asset has completed a test of its Canton Network, with the participation of like Goldman Sachs, BNY Mellon, DRW, Oliver Wyman, and Paxos.

The statement added that the execution of over 350 simulated transactions proved how a network of interoperable applications can connect to enable secure, atomic transactions across multiple parts of the capital markets value chain. It also demonstrated the potential benefits of using such a network to reduce counterparty and settlement risk, optimise capital, and enable intraday margin cycles. 

Canton allows previously siloed financial systems to connect and synchronise in previously impossible ways while abiding by the current regulatory guardrails. 

Additional pilot participants included: abrdn, Baymarkets, BNP Paribas, BOK Financial, Cboe Global Markets, Commerzbank, DTCC, Fiùtur, Generali Investments, Harvest Fund Management, IEX, Nomura, Northern Trust, Pirum, Standard Chartered, State Street, Visa, and Wellington Management with Deloitte acting as an observer, and Microsoft as a supporting partner. 

Recent updates from BNY Mellon 

BNY Mellon has announced its partnership with Microsoft in order to expand its capital markets data and analytics platform. Following this announcement, both companies would focus on improving the overall capital markets and the broader financial services industry. By leveraging Microsoft Azure cloud and BNY Mellon’s extensive financial data and analytics offerings, the platform is expected to provide BNY Mellon’s buy-side and sell-side customers with an improved data management tool. The product was developed in order to offer deeper insights and actionable data that will optimise users’ investment performance, risk management, and distribution reach. 

In January 2024, BNY Mellon introduced Virtual Account-Based Solutions, enhancing clients’ cash management with improved access, control, and reporting for global treasurers. A new cash management solution providing clients with enhanced access to and control of cash administration activities and reporting capabilities. This marks another solution designed to make money work more smoothly for treasurers globally, solving their complex payments and financing needs. 

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Keywords: Bitcoin, blockchain, crypto, digital assets, tokenization
Categories: DeFi & Crypto & Web3
Companies: BNY Mellon, Digital Asset, Goldman Sachs, Oliver Wyman, Paxos
Countries: World
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