Canton Network, whose support was added by Ripple’s custody service at the beginning of October, enabled S&P Dow Jones Indices to conduct its first on-chain trade. The operation, an over-the-counter total return swap, was concluded between market maker DRW and financial group Marex via the Derivnex platform. This marks the first use of a fully tokenized index in such a transaction, using data from the iBoxx USD Liquid Investment Grade Index distributed by Kaiko. The counterparties managed the derivative’s lifecycle through a single blockchain interface based on ISDA standards, eliminating manual data reconciliation. While the retail crypto market expressed skepticism by calling Canton a private interbank network “not a real blockchain,” Ripple acts as a custodial gateway for banks on this network.
Source: Read the original article
