Goldman Sachs, Moody’s, and Hong Kong FMI Join Global Synchronizer Foundation for Blockchain Collaboration

Global Financial Giants Join Blockchain Foundation as Canton Network Pursues Privacy-Focused Interoperability

  • Goldman Sachs, Moody’s and Hong Kong FMI Services have joined the Global Synchronizer Foundation, expanding its membership to over 30 institutions.
  • The Canton Network aims to create interoperable blockchain solutions while prioritizing privacy, unlike most Ethereum networks where privacy remains in development.
  • Digital Asset currently operates at least 6 of 16 supernodes, indicating the network’s ongoing journey toward full decentralization.

Goldman Sachs, Moody’s, and Hong Kong FMI Services have become the newest members of the Global Synchronizer Foundation (GSF), expanding the governance body tied to the Canton Network’s blockchain ecosystem. These additions bring the foundation’s membership to more than 30 financial institutions working to advance blockchain technology in regulated markets.

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Hong Kong FMI Services, which operates under the Hong Kong Monetary Authority, manages the Central Moneymarkets Unit (CMU) – Hong Kong’s central securities depository. The CMU has already implemented Canton technology for government bond trading operations, demonstrating practical application of the technology.

Goldman Sachs maintains its own Canton blockchain through its digital asset platform GS DAP, though the investment bank has indicated plans to spin out the platform for industry-wide ownership.

“Joining the Global Synchronizer Foundation aligns with our ongoing commitment to driving blockchain innovation in regulated financial markets,” said Mathew McDermott, Global Head of Goldman Sachs Digital Assets.

The expanding GSF operates under the Linux Foundation umbrella, with existing GSF members including Broadridge, Euroclear, SBI Digital Assets, and Tradeweb.

Moody’s participation signals growing interest from financial rating institutions in blockchain technology. “This collaboration underscores our commitment to helping market participants understand the risks and opportunities of Digital Finance,” said Fabian Astic, Managing Director and Global Head of Digital Economy at Moody’s Ratings. “It also provides us with an opportunity to further engage with leading institutions working towards enhanced transparency, security, and scalability in the digital financial markets of the future.”

## The Path to Decentralization

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While Canton utilizes a permissioned blockchain framework, the Canton Network aims to enable interoperability between different blockchain solutions, addressing market fragmentation. This makes the network public but still permissioned – a distinct approach from permissionless blockchains like Ethereum.

A key differentiator is Canton’s privacy-first design philosophy. Most major Ethereum-based networks are still developing privacy solutions, while Canton has prioritized this feature from inception. The GSF maintains that its organizational structure prevents single-entity control, fostering “greater trust, resilience, and innovation.”

The foundation distinguishes between governance members and supernode operators in its structure. Full decentralization remains a work in progress, as Digital Asset currently operates at least six of the network’s 16 supernodes and maintains influence over others. MPC Holdings provides security services and operates two nodes, while trading firm DRW Cumberland (connected to Digital Asset’s founding) manages two nodes, and another investor, SBI, hosts one node.

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The GSF acknowledges decentralization as an evolutionary process rather than an immediate state. As membership expands, the network is expected to become increasingly decentralized over time.

Ledger Insights Research has published a report on bank-issued stablecoins and tokenized deposits featuring more than 70 projects. Find out more here.

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