Digital Asset, the founder of the Canton Network, announced additional funding from four institutions, BNY, iCapital, Nasdaq and S&P Global. It follows a $135 million funding round in June that included DRW Venture Capital, Tradeweb Markets, BNP Paribas, Citadel Securities, the DTCC, Goldman Sachs and Virtu Financial, as well as several web3 firms.
Before the launch of the Canton Network last year, Digital Asset was known as an enterprise blockchain firm. Like most enterprise blockchains, Canton was built with privacy as a foundational requirement. The Canton Network, positioned as a Layer 1 blockchain, creates an interoperability layer between the separate private blockchains, and aims to be a bridge between traditional finance (TradFi) and decentralized finance (DeFi). Given that TradFi dwarfs DeFi volumes, even a handful of strong Canton applications can generate impressive numbers. For example, Broadridge’s distributed ledger repo (DLR) operates on the Canton blockchain and processes more than $6 trillion in repo transactions monthly.
Turning to some of the new investors, Digital Asset has an existing relationship with Nasdaq dating back to 2021 when the DAML smart contract language was integrated with Nasdaq’s Marketplace Services Platform. Earlier this year Nasdaq integrated Canton technology with its Nasdaq Calypso solution, the company’s capital markets and treasury offering. The goal is collateral mobility – to enable 24/7 automated margin and collateral management.
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