Crypto infrastructure firm BitGo has released a service expansion for the Canton network on Monday. Starting today, BitGo will support trading and settlement services for the CC token looking to tap into the regulated financial institutes that are adopting Canton.
Unlike traditional Layer-1 blockchains like Ethereum and Solana, Canton allows each of its instititional clients to maintain their own Canton sub-ledgers. This lets institutions hold control over their blockchain data while still being able to sync the data with other chains for advanced trades.
As part of BitGo’s service expansion for Canton, it will be offering custody, over-the-counter trading option for spot and derivatives trading along with easy settlement option for Canton Coin on its platform.
BitGo claims that it has now become the first regulated Web3 platform in ths U.S. that has combined a suite of Canton-focussed services to simplify engagement for banks with this blockchain network.
“We’re seeing meaningful interest across the Canton ecosystem, and BitGo now gives clients the ability to custody Canton Coin, trade it electronically or through our OTC desk, and settle instantly through Go Network,” said Adam Sporn, Head of Prime Brokerage and Institutional Sales at BitGo.
The development is intended to let institutes move funds efficiently through their private sub-ledgers while reducing operational drags and prefunding risks, BitGo’s announcement noted.
Back in November last year, BitGo had first announced custody support for the Canton Coin, which is the native token of the network.
Now as part of the update, BitGo also pointed out, that it will be able to store and manage specific financial tokens that banks actually use to facilitate their business on the Canton network. These tokens include — USDCx (the privacy dollar), cBTC (Canton Bitcoin), and USDXLR, which is an enterprise-level settlement token.
Visa, Goldman Sachs, BNY Mellon, and HSBC are among TradeFi mammoths that are actively integrating Canton’s capabilities into their service offerings. BitGo has essentially managed to link its platform to the likes of these finance majors with this Canton-specific update.
“BitGo is helping move Canton Coin from a custody-only asset toward a production-ready instrument for institutional trading, treasury, and settlement workflows,” the company noted.
Last week itself, Visa joined the Canton Network as a Super Validator, securing voting rights to shape up its ecosystem.
In the backdrop of these developments, the Canton Coin has managed to maintain an impressive performance on the crypto price chart.
Source: CoinMarketCap
The asset is presently trading at $0.15. It hig its all-time high of $0.19 in the first week of February and has since maintained a stable performance. As per CoinMarketCap, CC’s market cap presently stands at $5.81 billion. Over 38.18 billion CC tokens are circulating in the market with no maximum supply decided as yet.