Consensys launches new system for banks to transact across blockchains

Banks operating on different blockchain networks have gained a new way to coordinate securities settlements, currency exchanges and collateral transfers following the launch of Consensys’s Sovereign Network Interoperability platform. Summary Consensys has introduced Sovereign Network Interoperability, allowing financial institutions to coordinate transactions across separate blockchain networks. Banks can settle tokenized securities, exchange currencies and transfer collateral without moving assets from their original ledgers. The technology uses Consensys’s Cross Ledger Interoperability Protocol (CLIP) to coordinate and verify transactions. Ethereum-compatible networks are available now, while connections to Canton and additional protocols remain planned. The announcement follows Consensys’s October partnership with ClearToken and its planned separation from MetaMask. Unveiled at Devcon in Mumbai on November 2, the new system lets institutions complete transactions across independently operated ledgers while keeping their assets and records within their existing networks. Introducing Sovereign Network Interoperability by Consensys.State-of-the-art interoperability that enables ins...