Chainlink Partners with Canton Network to Power $6T Institutional Blockchain Ecosystem

• Chainlink integrated its data and CCIP services with the Canton Network to boost institutional adoption.
• Canton Network maintains support for up to $6 trillion in assets, backed by major banks such as Goldman Sachs and BNP Paribas.

Chainlink has partnered with the Canton Network, a consortium chain backed by the world’s leading banks and technology companies. The integration brings Chainlink’s data services and interoperability solutions to Canton’s infrastructure, aiming to bolster blockchain adoption in traditional finance.

Chainlink, under the deal, has launched its suite of services: Data Streams, Proof of Reserve, NAVLink, and its Cross-Chain Interoperability Protocol (CCIP). The partnership also makes Canton a member of the Chainlink Scale program that helps offset the oracle operating costs of participating ecosystems.

Chainlink Labs will operate as a Canton Network “super validator.” Under this role, it will operate a domain validator and a synchronizer node, which will offer consensus and order of transactions across domains. The role helps in enhancing governance and resilience and assists in cross-domain interoperability.

Digital Asset CEO Yuval Rooz announced that the integration extends opportunities to financial markets, institutions, and innovators. Chainlink co-founder Sergey Nazarov highlighted the possibility of mass use cases of large, real-world uses of decentralized and traditional capital markets, combining both types of capital markets.

“The collaboration brings together Canton’s focus on regulated finance with Chainlink’s infrastructure, paving the way for real-world institutional use cases,” Chainlink co-founder Sergey Nazarov stated.

Growing Institutional Backing for Canton

Since its launch in May 2023, the Canton Network has established itself as a tokenization-layered institutional-grade blockchain for regulated financial use cases. It was built with support from Microsoft, Goldman Sachs, BNP Paribas, Cboe Global Markets, Digital Asset, and Paxos.

The network has experienced dramatic growth. It currently hosts over $6 trillion in on-chain assets and $280 billion in daily repurchase agreements. Canton is supported by over 500 validators and over 30 super validators, including Chainlink.

Earlier this month, BNP Paribas and HSBC joined the Canton Foundation, further expanding the banking presence on the network. P2P.org also recently joined the validators. The Canton Foundation, formerly the Global Synchronizer Foundation, manages governance and facilitates cross-domain synchronization among its members.

The Chainlink integration will bring a tested oracle service to the network ecosystem. Chainlink already secures over 100 billion dollars of decentralized finance and has already enabled over 25 trillion of transaction value. Its move to Canton is an indication of a drive toward institutional-grade tokenization, with decentralized oracle infrastructure.

Chainlink Price Faces Technical Pressure

However, positive news in the institutional market, Chainlink brought positive news to its native token LINK, but it has not been doing well over the past trading sessions. On Monday, LINK fell by over 5%  and closed below the most vital support level of $22.05. On Tuesday, the efforts at recovery were rejected on equal footing and caused further debilitation.

On Thursday, LINK was still trading in red, with an upward trending line near, which now consists of connecting lows since early July. A breakdown of the price below this trendline would indicate what analysts estimate as a fall of the price to the 50 percent Fibonacci retracement at 19.40.