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. 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.