Digital Asset, the company behind the Canton Network institutional blockchain, closed a $355 million funding round today. The round was led by a16z crypto, with participation from a who's-who of traditional finance: HSBC, Apollo, CME, BNP Paribas, ABN Amro, ADIA, S&P Global, Tradeweb, and more than 20 other institutional investors. The size and investor list signal that big finance is still placing long-term bets on blockchain infrastructure — even in a choppy market.
The round and its lead
A16z crypto put its name on top, but the cap table is what makes this deal stand out. Normally, institutional blockchain startups get one or two large financial backers. This round reads like a consortium. The $355 million figure also ranks as one of the larger raises for an enterprise blockchain company in recent years. Digital Asset didn't break out valuation, but the lineup suggests the price tag was hefty.
Who's in
The participant list cuts across geographies and sectors. HSBC and BNP Paribas bring European banking weight; Apollo and CME represent the asset-management and exchange side; ADIA gives Middle Eastern sovereign capital; S&P Global and Tradeweb bring data and trading infrastructure. The mix is deliberate — Canton Network is built for inter-institutional workflows, and these firms are potential users as much as investors.
What is Canton Network
Canton is a blockchain designed for regulated financial institutions. It promises privacy and control — things public blockchains struggle with — while still allowing different parties to transact on a shared ledger. Digital Asset has been working on it for years, and this funding will go toward scaling the network and onboarding more participants. The presence of CME and Apollo suggests derivatives and asset tokenization are near-term use cases.
Next up
Digital Asset says the funds will be used to expand the network's ecosystem development and support new applications. No specific product launches were announced, but with this many big backers, the pressure is on to move from pilot programs to production. The company is expected to announce new partner integrations in the coming months.
