Digital Asset Holdings, the company behind the Canton Network, has raised $300 million at a $2 billion valuation. The round is led by a16z Crypto. It marks the firm’s second nine-figure funding round in less than a year.
The a16z-led round
A16z Crypto is putting in the lead check, though the exact amount the venture firm contributed wasn't disclosed. The $300 million total values the company at $2 billion, a significant step up from its previous valuation — though the earlier round's terms were not made public.
Back-to-back mega rounds
Thursday's raise comes less than a year after Digital Asset’s last nine-figure funding round. The company hasn't said what it did with that prior capital, but the speed of the new round suggests the network is scaling fast. Canton Network is a decentralized blockchain protocol built for institutional finance, aiming to connect different assets and systems.
What Canton Network does
Canton Network is designed for financial institutions to transact and settle across a shared ledger without giving up privacy. It competes with other enterprise blockchain platforms but has picked up some notable backers. The fresh cash will likely go toward engineering talent and business development, though the company hasn't detailed its spending plan.
Unanswered questions
Digital Asset hasn't said when the round is expected to close or whether any other investors participated alongside a16z. The company also hasn't announced any new product releases tied to the raise. For now, it's a massive vote of confidence from one of crypto's biggest venture funds — but the market is waiting to see what the company actually delivers with the money.
