Major Investment Banks Testing Blockchain Tokenization, Can Ripple Compete?
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March 12, 2024 3:41 pm
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Major investment banks have begun testing real-world asset tokenization via a pilot program led by the firm Digital Asset.
The pilot program involved investment banking giants such as Goldman Sachs, BNY Mellon, and DRW. In total, 35 financial entities, including crypto exchanges, were involved in the test program.
According to sources, the test focused on settling real-world tokenized transactions seamlessly between the various entities involved.
Of course, Ripple Labs also has big plans for real-world asset tokenization on the blockchain, and this recent development could mean that the blockchain firm may get a run for its money due to increasing competition in the asset tokenization sector.
Here is what is currently being reported on Digital Asset’s Canton Network pilot program:
Goldman Sachs, BNY Mellon, Cboe and several other firms completed a series of pilot tests on a blockchain network that connects different banks and financial institutions, in one of the largest-scale of such experiments in capital markets https://t.co/Bjuyn8CRkw
— Bloomberg Crypto (@crypto) March 12, 2024
Goldman Sachs, BNY Mellon Test Blockchain Network
Goldman Sachs, BNY Mellon, Cboe Global Markets, and several other firms have completed extensive testing of the interoperable blockchain network, Canton Network, developed by Digital Asset Holdings. 👇https://t.co/bXvqVQJysO pic.twitter.com/TR82UZjvKz
— Gutsul Crypto News (@GutsulCrypto) March 12, 2024
$SPY $SONG $QQQ Major investment banks and asset managers partake in landmark blockchain pilot: Landmark pilot from Digital Asset’s Canton Network involving 45 organisations across 22 permissioned blockchains invited participants across 45… https://t.co/AEtJbcKpfn $BTC pic.twitter.com/Dfu5uSixER
— Jake P. Noch (@Jake_P_Noch) March 12, 2024
Cryptopolitan went into greater detail on the pilot test program:
The Canton Network pilot successfully executed over 350 simulated transactions, covering a wide range of financial activities such as the handling of tokenized assets, fund registry, digital cash, repo, securities lending, and margin management transactions, according to a press release on Tuesday.
Ripple Labs also intends to utilize the blockchain to tokenize real estate and other real-world assets. Here is just a snippet of what Ripple Labs is attempting to do in the asset tokenization space.
BOOOOOOOOOOOOOOOOOM!!!!
Crypto Means Business…
Ripple Labs to revolutionize real estate industry through tokenization! #XRP 👀💥 pic.twitter.com/FtP4IK23Im
— JackTheRippler ©️ (@RippleXrpie) September 2, 2023
CoinDesk provided this statement from Digital Asset:
“The successful execution of over 350 simulated transactions proved how a network of interoperable applications can seamlessly 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, optimize capital, and enable intraday margin cycles.”
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