Goldman Sachs And Microsoft Are Quietly Using AI To Lay The Groundwork For The Next Bitcoin, Ethereum And Crypto Price Bull Run

BitcoinBTC, ethereum and cryptocurrencies remain stuck in a rut following their huge 2021 rally—even as some are predicting an imminent bull run return.

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The bitcoin price has struggled to regain momentum this year despite almost doubling from its late 2022 low, with the ethereum price also left in the dust by a new memecoin craze.

Now, amid the brutal crypto winter that’s erased almost $2 trillion of value from the market, Wall Street giant Goldman Sachs and MicrosoftMSFT are among companies backing a new blockchain designed to streamline financial markets—following in the footsteps of other big financial giants in building out crypto infrastructure in the bear market.

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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 the user experience and drive developer adoption,” Rashmi Misra, general manager of artificial intelligence and emerging technologies at Microsoft, said in a press release announcing the Canton Network blockchain project earlier this month.

Web3, an idea that rose to prominence last year, describes a blockchain-based, decentralized internet that could replace the Silicon Valley-centric web 2.0 that’s dominated by the likes of GoogleGOOG and Facebook’s Meta.

Goldman Sachs and Microsoft—which has exploded into the limelight this year via its investment in AI-developer OpenAI—have 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 fix problems generally associated with bitcoin, ethereum and crypto, such as a lack of privacy, control over data, cross-chain interoperability, and scaling.

The trading platforms of Deutsche Börse, Goldman Sachs and others connected will be connected by the Canton Network, some of whose monthly notional traded exceeds the most active crypto token volumes, according to the announcement.

Earlier this year, two of the world’s largest financial jugernaughts, Fidelity and BlackRockBLK, each separately began expanding into the world of bitcoin, ethereum and cryptocurrency, with Fidelity opening up its crypto trading platform to its 37 million users to buy and sell bitcoin and ethereum commission-free.

BlackRock’s chief executive Larry Fink meanwhile told shareholders the world’s largest asset manager plans to develop “permissioned blockchains and tokenization of stocks and bonds” this year, adding “very interesting developments are happening in the digital asset space.”

Last year, Fink predicted crypto’s blockchain technology will 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 of those involved in the Canton Network project.

“At Cboe, we believe the tokenization of real-world assets may offer an unprecedented opportunity,” Cathy Clay, executive vice president of data and access solutions at Cboe Global Market, said as part of the press release, adding Canton could “create new market infrastructure and drive efficiency in the trading of products across the globe.”

Earlier this year, ethereum cofounder and the project’s spiritual leader Vitalik Buterin said the network needs to urgently focus on solving its scaling issues before the next bitcoin, ethereum and crypto price bull run.

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