Visa is looking to introduce the privileges of a private blockchain infrastructure for mainstream banks. In alignment with the goal, Visa has partnered Canton Network as a “Super Validator”. This will give Visa a crucial say in shaping the privacy-enabled Layer-1 blockchain designed for real world assets and institutional finance.
While Canton already has a network of 40 Super Validators, Visa will be the first major traditional finance player to join the list.
Visa took the decision to join Canton after identifying that while many banks are in favour of exploring blockchain-based services, the lack of privacy in the popular open blockchains prevents them from taking the first step.
“By operating as a Super Validator on Canton Network, we’re bringing Visa-grade trust, governance and operational rigor that define Visa’s global network to privacy‑preserving blockchain infrastructure, so regulated FIs can bring payments onchain without having to rethink how they operate,” said Rubail Birwadker, Global Head of Growth Products and Strategic Partnerships, Visa.
Canton confirmed the development on X.
First announced in 2023, Canton Network was brought together by a consortium of over 30 companies including Goldman Sachs, Microsoft, and Deloitte among others. Its mainnet went live in 2024 followed by the launch of its native token, the Canton Coin (CC).
The blockchain network was used for a big pilot testing atomic settlement and collateral rebalancing in 2024. At the time, BNY Mellon and the Central Bank of England were among the 45 organization that had participated in this pilot.
The network, hence, already has firm roots in terms of being acquainted with traditional banks. In February this year, the network hit $6 trillion in tokenized real-world assets.
With a rise in demand for privacy-focused blockchains, Canton has emerged as a viable option for financial institutions looking to explore on-chain services. Between January and March this year, the CC token has registered back-to-back price hikes despite overall market slowdown.
Source: CoinMarketCap
Visa claims that Canton can be used by traditional finance organizations to use a shared infrastructure without putting sensitive information at the risk of exposure.
DTCC, Eucoclear, Broadridge, Chainlink, and Equinix are among other Super Validators for Canton Network.
Along with Visa, Moody’s, Franklin Templeton have also amped up engagement with the Canton Network.