In a bid to boost institutional adoption of blockchain technology, Chainlink has integrated with the Canton Network. The development surfaced today via a post on Chainlink’s official X page.
More so, in the statement, the firm described its new partner as an institutional blockchain network supported by prominent banks and technology companies. As a result of the collaboration, Chainlink will integrate its data services including data streams, smartdata, and cross-chain interoperability protocol to Canton.
Similarly, Canton is now a member of the Chainlink Scale program that helps to cover oracle operating expenditures. Furthermore, the strategic partnership will see Chainlink become one of the super validators of the Canton network.
As disclosed, a super validator of the network is a combined node that manages a domain validator and a Canton synchronizer node. Likewise, it also supports the Global Synchronizer to organize and approve cross-network transactions ensuring consensus and interoperability across the network.
Recently, Canton’s governing body previously known as Global Synchronizer Foundation rebranded as Canton Foundation. It is worth mentioning that top executives from the two partners reacted to the collaboration, providing deep insights.
According to Yuval Rooz, the Chief Executive Officer of Canton Network developer Digital Asset, emphasized how the synergy will provide more opportunities for market participants in the traditional and decentralized finance space.
Additionally, the co-founder of Chainlink, Sergey Nazarov stated that there is a strong expectation that the partnership will birth more real-world use cases. He mentioned how it will offer more innovations in both traditional and decentralized capital markets.
Side notes on Canton and Chainlink
It is worth mentioning that Chainlink’s partner, Canton network debuted in May 2023 as an institutional-grade network for tokenization and wholesale transactions. The project has so far gained more market acceptance thanks to how it enjoys the backing of a team consisting of big names like Microsoft, Goldman Sachs, and Paxos.
Meanwhile, the partnership actualized shortly after Chainlink and SOOHO.IO launched project Namsan, a consortium initiative. As per a Binbits report, the project is designed to launch the first-ever stablecoin ecosystem for South Korea.
The report disclosed that Chainlink supported the development of the project as a technical partner. Further, testing the infrastructure of the initiative, the partners carried out a pilot program for the stablecoin using tourist areas.
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