Digital Asset, the development company behind the Canton Network (CC) blockchain used by major banks and trading firms, said on Thursday it closed a $355 million fundraising round to support its efforts to bring capital markets onto the chain.
The investment was led by a16z, with participation from global institutions such as ABN Amro, Apollo Funds, BNP Paribas, Citadel Securities, HSBC, SBI Group and Abu Dhabi Investment Authority through a subsidiary.
The amount raised surpassed the $300 million target at a $2 billion valuation reported last month.
The investment comes as traditional financial firms increasingly support blockchain infrastructure built specifically for regulated markets. Tempo, the payments chain developed by Stripe and Paradigm, reportedly raised $500 million last year at a $5 billion valuation. Circle Internet (CRCL), the stablecoin issuer behind USDC, raised $222 million for its Arc blockchain at a $3 billion valuation, with backing from BlackRock, Apollo Funds, a16z crypto, and ARK Invest.
Canton Network was designed for large financial institutions to issue and trade real-world tokenized assets, such as bonds, loans, and funds, on a shared ledger, while maintaining privacy and compliance with legal requirements. It combines features of public blockchains, such as decentralization, with the safeguards required by traditional finance.
“For capital markets to move up the chain, institutions need an infrastructure that reflects how they actually operate, with privacy, compliance, scale and interoperability built in from the start,” said Digital Asset co-founder and CEO Yuval Rooz.
The firm said a16z crypto will also provide development, policy and research expertise beyond financial backing.
“One of blockchain’s most compelling opportunities is no longer theoretical; it is emerging as real-world assets and institutional workflows move on-chain,” Ali Yahya, general partner at a16z crypto, said in a statement. “Digital Asset has created one of the clearest examples of blockchain product market adaptation in regulated finance.”
Read more: Why big banks are rejecting open ledgers to build their own private blockchains
