Goldman Sachs and Microsoft Quietly Use AI to Lay the Groundwork for the Next Bitcoin, Ethereum and Crypto Price Bull Run
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Bitcoin price has struggled to regain momentum this year despite nearly doubling from its late-2022 low, with Ethereum price also left in the dust by renewed memecoin craze.
Now, amid the brutal crypto winter that has wiped nearly $2 trillion of market value, Wall Street giant Goldman Sachs and Microsoft
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“We look forward to helping the financial community build and scale cloud-enabled Web3 applications on Azure while harnessing the power of AI to improve user experience and drive developer adoption,” Rashmi Misra, general manager of artificial intelligence and emerging technologies at Microsoft, says in A press release announcing Canton Network’s blockchain project earlier this month.
Web3, an idea that rose to prominence last year, describes a blockchain-based decentralized internet that could replace Silicon Valley-centric, Google-dominated Web 2.0.
Goldman Sachs and Microsoft, which exploded into the limelight this year thanks to its investment in AI developer OpenAI, joined other big names such as Deloitte, S&P Global, Moody’s, BNP Paribas, Cboe Global Markets and Paxos, to support the Canton network. .
The new blockchain, which will begin testing in July, is designed to address issues typically associated with bitcoin, ethereum and crypto, such as lack of privacy, data control, interoperability between chains and scaling.
Deutsche Börse, Goldman Sachs and other connected trading platforms will be connected by the Canton network, some of which monthly notionals traded exceed the most active crypto token volumes, according to the announcement.
Earlier this year, two of the world’s top financial judges, Fidelity and BlackRock
BlackRock Chief Executive Larry Fink, meanwhile, told shareholders that the world’s largest asset manager plans to develop “authorized blockchains and the tokenization of stocks and bonds” this year, adding that ” some very exciting developments are happening in the digital asset space.”
Last year, Fink predicted that crypto blockchain technology would usher in “the next generation for markets” after signing a major deal with Bitcoin and Crypto Exchange Coinbase.
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Fink’s sentiment was echoed by some people involved in the township network project.
“At Cboe, we believe the tokenization of real-world assets can provide an unprecedented opportunity,” said Cathy Clay, executive vice president of data and access solutions at Cboe Global Market, as part of the press release. press, adding that Canton could “create new market infrastructure and boost the efficiency of commodity trade across the world.”
Earlier this year, Ethereum co-founder and spiritual leader of the project, Vitalik Buterin, said the network urgently needs to focus on fixing its scaling issues ahead of the next bitcoin price hike. , ethereum and cryptography.
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