Goldman Sachs and Microsoft are collaborating to increase the adoption of Web3 on the Canton blockchain through the use of artificial intelligence (AI). They are joining other traditional finance giants such as Deloitte, S&P Global, Moody's, BNP Paribas, and Cboe Global Markets in building infrastructure during the crypto bear market.

Microsoft, along with other major companies such as Goldman Sachs, Deloitte, S&P Global, and Moody's, has joined forces to support the launch of Canton Network, a blockchain platform that aims to simplify financial markets. Canton Network aims to provide a decentralized infrastructure that could make transactions more efficient by linking financial systems together and enabling them to operate in a synchronized manner.

Former CEO of Celsius, Alex Mashinsky, had hoped to rebrand the now-defunct crypto lender with a new project called Celsius Web Service (CWS) and had pitched the idea to Goldman Sachs and Abu Dhabi-backed fund ADQ before filing for bankruptcy in July. The CWS project was aimed at focusing on Yield and Custody, but investors who had previously invested $750 million in Celsius had no interest in it.

Goldman Sachs, Microsoft, Deloitte, Moody's, and other institutions have partnered with Digital Asset, a fintech company based in New York, to launch the Canton Network. This blockchain aims to connect institutions and financial assets, offering improved privacy and control at a lower cost.

A group of finance and tech companies, including Microsoft and Goldman Sachs, are developing a new blockchain network called Canton Network. The network aims to provide privacy-enabled interoperability for institutional assets and synchronize previously siloed financial markets. Testing of the network's capabilities, which include extensive privacy controls and scalability for major financial institutions, will begin in July. Other participants in the project include BNP Paribas, Digital Asset, Paxos, Deloitte, and Cboe Global Markets. The network is built on Digital Asset's smart-contract language, Daml, which creates an interoperable system for assets, data, and cash.

A new Goldman Sachs report shows that 26% of family offices are invested in crypto, up from 16% in 2021, while those with no interest in the asset class have grown from 39% to 62%. The report, which surveyed 166 family offices around the world, found that respondents cited their belief in the power of blockchain technology as the top reason for their involvement in the sector.

Goldman Sachs has expanded its Visual Structuring derivatives price discovery and trade idea generation tool into crypto, equities, and precious metals trading for institutional clients through its Marquee platform. The tool enables clients to assess price variations, scenarios, and run backtesting analysis in real-time collaboration with colleagues. The expansion comes as institutional clients seek to invest in cryptocurrencies such as Bitcoin and Ethereum, and Goldman Sachs continues to expand its footprint in the emerging cryptocurrency industry. The bank traded a Bitcoin-linked instrument with crypto bank Galaxy Digital, launched the crypto classification system Datanomy, and plans to invest millions in crypto companies.

OMMF will be minted and redeemed for exactly $1, and interest will be distributed to holders daily in the form of new tokens.

Crypto News: The global banking crisis triggered by the collapse of Crypto friendly Silicon Valley Bank (SVB) has left industry biggies in legal trouble. KPMG LLP as SVB’s auditor with underwriters involving Goldman Sachs Group Inc, Morgan Stanley & Co. and Bank of America Corp has been reportedly sued for making misleading statements resulting in the SVB crash.

Goldman Sachs has recently filed a patent with the US Patent office, proposing to integrate blockchain technology with its settling mechanism. The patent document, with patent no: US 11, 605, 143 2B, was filed on March 14, and outlines the technical and computational requirements for the bank to use blockchain technology.