Key facts
- Canton Network is expanding its presence in South Korea through partnerships with Shinhan Financial Group, Hanwha Investment & Securities, and LG CNS.
- Shinhan Asset Management became the first Korean financial institution approved as a Canton Network super validator.
- Hanwha Investment & Securities invested approximately 30 billion won ($22.44 million) in Digital Asset, the company developing Canton.
- Canton Network facilitates over $300 billion in daily value transfers.
- Canton Network offers privacy controls for financial institutions managing digital assets and transactions.
Wall Street-backed blockchain platform Canton Network is expanding its reach in South Korea by forging partnerships with major financial and technology firms, including Shinhan Financial Group, Hanwha Investment & Securities, and LG CNS. These collaborations are aimed at bolstering institutional financial services and the management of digital assets.
Shinhan Financial Group has deepened its ties with Canton Network, signing a memorandum of understanding with the Canton Foundation in June. Subsequently, Shinhan Securities and Shinhan Venture Investment invested in Digital Asset, the company behind Canton, in July. In October, Shinhan Asset Management became the first Korean financial institution to be approved as a super validator for the Canton Network, enabling its participation in network operations.
Hanwha Investment & Securities also established a relationship with Digital Asset, signing an agreement in April and investing approximately 30 billion won ($22.44 million) in July. LG CNS has further extended Canton's reach into South Korea's technology sector through a strategic partnership.
Canton Network provides blockchain infrastructure designed for financial institutions requiring privacy controls for transactions and digital asset management. The network reportedly facilitates over $300 billion in daily value transfers. HSBC previously completed a pilot on the network simulating the issuance, transfer, and settlement of its tokenized deposit service.
Digital Asset CEO Yuval Rooz expressed optimism about South Korea's readiness for blockchain adoption, stating that regulatory clarity would unlock a receptive market. Canton Foundation head Viv Diwakar highlighted the potential for connecting Korean financial markets with global investors through blockchain infrastructure, enabling Korean-issued equities to reach global capital.
Canton Network is also expanding in Japan, with SBI Holdings announcing that SBI Security Solutions would be renamed SBI Digital Practice and operate using Canton Network's infrastructure. Unlike open blockchain networks, Canton offers privacy controls for sensitive information and requires approved validators to operate and maintain the network. While Shinhan's and Hanwha's involvement signifies significant ties, neither company has disclosed specific transaction volumes related to these arrangements.