DLT collateral mobility company HQLAᵡ has raised funding from Broadridge and Digital Asset, which developed the technology underpinning the Canton Network. Simultaneously it announced plans to migrate its technology to the Canton Network from R3’s Corda, a major change. In its founding days, HQLAᵡ participated in the R3 Innovation Lab and COO Nick Short worked for the distributed ledger firm during that period.
Details of the funding amount were not shared, apart from it being a minority position as part of its Series C-1 funding round following the Series C in April 2024 led by HSBC. Including HSBC, several of HQLAᵡ’s backers and participants use Canton technology such as BNP Paribas, BNY, Deutsche Börse and Goldman Sachs. While JP Morgan does not natively use Canton, it is also integrating with the Network.
Broadridge’s Distributed Ledger Repo (DLR) platform also uses Canton technology and enables tokenized collateral, but was framed as complementary to HQLAᵡ. While DLR has been US centric to date, HQLAᵡ has so far emphasized European assets, especially with Deutsche Börse playing a critical trust anchor role in the infrastructure and HQLAᵡ regulated in Luxembourg. HQLAᵡ enables assets held at the major tri-party custodians to be locked and digital versions transferred in real time 24/7.
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