Digital Asset, the developer of the Canton Network, has raised a $355 million funding round led by a16z crypto. The blockchain company previously raised around $465 million since its founding in 2014, with the latest $50 million coming late last year. The Andreessen Horowitz fund was joined by a mix of existing backers and a number of new investors.
The investors are 7RIDGE, ABN Amro, a subsidiary of the Abu Dhabi Investment Authority, Alumni Ventures, Apollo Funds, BNP Paribas, Broadridge, Citadel Securities, CME Ventures, Coinbase Ventures, Greenwulf Asset Management, Hanwha Investment & Securities, HSBC, iCapital, Liberty City Ventures, Optiver, Polychain, R136 Ventures, S&P Global, SBI Group, Smash Capital, SoFi, Tradeweb, and William Blair.
The public Canton Network has grabbed attention because it has attracted many traditional financial institutions as a result of its privacy features. Quite a few of them have developed private blockchain platforms, with the Canton Network enabling interoperability between those separate solutions. One high profile example is the Broadridge DLR repo solution that processes more than $7 trillion in transactions monthly, some of which are intracompany.
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