The recent join of HSBC and BNP Paribas in the Canton Foundation emphasizes the active involvement of financial institutions in the tokenization of real-world assets on the blockchain.
Canton Foundation's Role in Asset Tokenization
Canton Foundation, which recently welcomed HSBC and BNP Paribas, now boasts over 30 members. This organization plays a crucial role in governance and strategic development of the Canton Network, designed for institutional finance.
Statements from HSBC and BNP Paribas Executives
Hubert de Lambilly, head of global markets at BNP Paribas, noted that the partnership with Canton Foundation aligns with the bank's commitment to leverage distributed ledger technology to meet client needs. John O’Neil, HSBC’s head of digital assets, highlighted that joining the foundation fits their mission to mature blockchain standards and cultivate liquidity in digital asset markets.
Growing Interest in Tokenizing Real-World Assets
Institutional demand for tokenized real-world assets (RWAs) is reshaping the cryptocurrency landscape, shifting the focus from retail speculation to practical financial applications. According to the World Economic Forum, a coalition of institutions, regulators, and tech companies is developing trusted frameworks for asset tokenization, potentially unlocking its full potential.
The inclusion of HSBC and BNP Paribas in the Canton Foundation marks a significant step toward expanding institutional participation in the realm of tokenized assets, underscoring the increasing interest in this area.
