Digital Asset, the company behind the Canton Network institutional blockchain, has closed a $355 million funding round led by a16z crypto, with participation from HSBC, Apollo, CME, BNP Paribas, ABN Amro, ADIA, S&P Global, Tradeweb, and more than 20 other institutional names.
The round, announced by Digital Asset, was advised by FT Partners. It values the company above $2 billion, per Bloomberg's earlier reporting from May when the round was targeting roughly $300 million. The final close at $355 million exceeded that target. Investors include Broadridge, Citadel Securities, Coinbase Ventures, Polychain, iCapital, SBI Group, and Hanwha Investment & Securities. Abu Dhabi Investment Authority participated through a wholly owned subsidiary.
Canton Network generated $60.74 million in fees over the past 30 days, per DefiLlama, placing it ahead of Tron ($31.27 million) and Ethereum ($13.51 million) over the same window. CEO Yuval Rooz posted Wednesday on X that Canton processes the highest fees of any institutional blockchain. Canton's all-time cumulative fees stand at $458.14 million, per DefiLlama.
In the press release, Rooz described the company's position: "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. Canton was purpose-built for this, and Digital Asset is working with more than 700 ecosystem participants to make Canton the core infrastructure for global finance."
