Digital Asset, the developer behind the Canton Network blockchain, announced it has closed a $355 million funding round led by a16z crypto.
The round was completed at a $2 billion valuation and exceeded the company's prior target of $300 million. Backers included ABN AMRO, Apollo Funds, BNP Paribas, Citadel Securities, HSBC, SBI Group and the Abu Dhabi Investment Authority through a subsidiary.
Digital Asset said the funds will support efforts to bring capital markets onchain through its Canton Network, which enables institutions to issue and trade tokenized assets such as bonds and funds while meeting privacy and compliance requirements.
"For capital markets to move onchain, institutions need 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.
Ali Yahya, general partner at a16z crypto, stated that "Digital Asset has built one of the clearest examples of blockchain product-market fit in regulated finance." The firm added that a16z crypto will also contribute development, policy and research support.
