Microsoft and Goldman Sachs unite to bring Bitcoin and Ethereum mainstream

Microsoft and Goldman Sachs unite to bring Bitcoin and Ethereum mainstream


Goldman Sachs, Microsoft, and other industry giants are investing in technologies with the potential to mainstream Bitcoin, Ethereum, and cryptocurrency trading, according to Forbes, with the Canton Network blockchain platform set to address prevalent cryptocurrency issues and connect trading platforms.

In a follow-up to their historic rally in 2021, Bitcoin, Ethereum (ETH), and other digital currencies are presently mired in a lackluster performance, with speculators forecasting a resurgence of the bull run.

The value of Bitcoin, regardless of a near doubling from its bottom Line in late 2022, has found it challenging to rekindle its upward trajectory in the year. The Ethereum (ETH) price tag has similarly been eclipsed by the past few surge in meme-based digital currencies.

Reports by Forbes, Goldman Sachs Group, Microsoft, and other industry giants are investing in technologies with the  capacity to mainstream Bitcoin, Ethereum (ETH), and digital currency trading.

Rashmi Misra, Microsoft’s general manager of artificial intelligence and emerging technologies, wrote in a news release announcing the Canton Network blockchain tech project:

We look forward to helping the financial community build and scale cloud-enabled Web 3.0 applications on Azure while harnessing the power of Artificial Intelligence (AI) to make better the user experience and drive developer adoption.

Goldman Sachs Group and Microsoft, between other notable entities such as Deloitte, S&P Worldwide, Moody’s, BNP Paribas, Cboe Worldwide Markets, and Paxos, have endorsed the Canton Network.

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This up-and-coming blockchain tech platform, scheduled for a July testing rollout, is engineered to address prevalent digital currency issues, including privacy deficits, control over data, cross-chain compatibility, and scalability.

The Canton Network is set to connect trading platforms, including those of Deutsche Börse, Goldman Sachs Group, and more. Reports by recent revelations, its monthly notional traded volume surpasses most active cryptocurrency tokens.

Earlier in 2023, two worldwide financial powerhouses, Fidelity and BlackRock, independently announced their foray into the Bitcoin, Ethereum (ETH), and digital currency landscape. Fidelity has launched its cryptocurrency trading platform for its 37 Million users, offering commission-free Bitcoin (BTC) and Ethereum (ETH) transactions.

Microsoft, it’s worth noting, is reportedly developing a built-in Ethereum (ETH) cryptocurrency wallet for its Edge browser, enabling users to send and receive digital currencies and Non-Fungible Token (NFTs) without additional extensions.

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The tech giant started accepting Bitcoin for digital goods back in December 2014, but as a result of the digital currency’s volatility and danger it removed it as a payment option in July 2021. Microsoft users can, nevertheless, still use Bitcoin to finance their account.

Featured Image via Unsplash

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