Derivnex Executes First OTC Swap on Canton Network With DRW, Marex

Derivnex and Canton Network announced the completion of the first over-the-counter swap executed on the Canton blockchain, a milestone transaction that also stands as the first on-chain derivatives trade tied to S&P Dow Jones Indices' iBoxx USD Liquid Investment Grade Index, according to a joint statement released Tuesday.

Trading firms DRW and Marex participated in the transaction, lending institutional credibility to the deal. Kaiko provided tokenization of the underlying intellectual property, adding a layer of digital-asset infrastructure to what would otherwise be a conventional fixed-income derivatives structure.

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The deal represents a convergence of traditional financial instruments and blockchain settlement rails, an area that has attracted growing interest from banks, broker-dealers, and asset managers seeking to reduce counterparty risk and improve post-trade efficiency. By anchoring the swap to a widely followed investment-grade bond index, the parties signal an intent to bring mainstream fixed-income benchmarks fully onto distributed ledger infrastructure.

Canton Network, which is designed specifically for institutional financial applications, positions the transaction as evidence that permissioned blockchain platforms can support complex derivative contracts under real market conditions. Derivnex, acting as the derivatives infrastructure layer, facilitated the on-chain execution between the counterparties.

The announcement, made in New York on October 13, 2026, underscores accelerating efforts across Wall Street to test and deploy blockchain-based settlement for instruments that have historically relied on bilateral, paper-intensive processes. Continue reading at Cryptocurrency.