BNP Paribas and HSBC join privacy-focused blockchain Canton

According to CoinDesk, leading European financial institution BNP Paribas and global banking giant HSBC have officially joined the privacy-focused blockchain network Canton.

This move further expands the influence of the Canton ecosystem, which already attracted significant institutional participation in March, including Goldman Sachs, Hong Kong FMI Services, and Moody's Ratings.

BNP Paribas stated that joining the Canton network is a key component of its ongoing digital transformation strategy, aiming to explore the potential of blockchain technology to enhance customer service experience and cross-institutional collaboration.

The bank emphasized that it will actively expand the practical application of blockchain technology in financial services, while ensuring compliance and security, to meet customers' growing digital needs.

HSBC believes that participating in the Canton blockchain will help enhance liquidity in the digital asset market and support efficient trading and settlement across multiple asset classes.

The bank hopes to leverage Canton's technological advantages in privacy and interoperability to further promote the integration of traditional finance and digital assets, providing clients with more flexible and efficient solutions.

The Canton blockchain, with its emphasis on privacy and interoperability, has gradually become a key platform for financial institutions to explore the application of distributed ledger technology.

With the continued participation of several international banks and service institutions, the network is forming an industry alliance dedicated to promoting financial innovation within a compliant framework, laying a solid foundation for more joint trials and commercial applications in the future.