Digital Asset Holdings, the company behind the Canton Network blockchain used by several major banks and trading firms, is seeking $300 million from investors, including Andreessen Horowitz’s a16z cryptocurrency at a valuation of about $2 billion, according to Bloomberg.
The funding round is expected to close in the coming weeks and the amount raised could vary, people familiar with the matter told Bloomberg.
Sources said investment banking firm FT Partners is consulting Digital Asset about the funding round.
Digital Asset Holding, Canton Network and a16z crypto did not respond to a CoinDesk request for comment and confirmation.
Canton Network is a privacy-enabled blockchain infrastructure whose purpose is to connect financial institutions and their tokenized assets through permissioned and interoperable applications.
In February, it revealed that a group of global financial firms completed the first cross-border intraday repurchase agreement using British government bonds tokenized on its blockchain. The transaction was the first time digital versions of gilts, a $2 trillion market, were used in a cross-border intraday repo.
Digital Asset received backing estimated at around $50 million by the end of 2025 from investors including Bank of New York Mellon and Nasdaq. Existing sponsors also include DRW and Citadel Securities.
For Andreessen Horowitz, participation in this fundraising round could be the first since he raised $2.2 billion a week ago for his latest crypto fund, which would bring his total capital dedicated to the sector to just under $10 billion across five funds.
