Digital Asset, the company behind the Canton Network blockchain, is aiming for a $2 billion valuation in a fresh funding round led by a16z crypto, according to people familiar with the matter. The raise is expected to close in the coming weeks, though the final amount could shift.
Who's involved
A16z crypto — the venture arm of Andreessen Horowitz — is leading the round. That's a big name to have in the cap table, especially for a firm that's spent years building enterprise blockchain infrastructure. Digital Asset's Canton Network launched last year as a privacy-focused platform designed for financial institutions.
What the valuation says
A $2 billion target would roughly double Digital Asset's previous valuation. The company was valued at around $1 billion in its last known round in 2022. That kind of jump signals that investors still see plenty of runway in permissioned blockchain tech, even as the broader crypto market goes through its usual ups and downs.
Timing and uncertainty
The fundraiser is still being finalized. Sources caution that the final amount might vary — a standard caveat for deals that haven't closed. But the fact that a16z is leading suggests the round has strong anchor interest. Digital Asset hasn't commented publicly on the raise.
What comes next
If the round closes at the target valuation, it would be one of the larger private crypto deals this year. The company will likely use the capital to expand Canton Network's reach among banks and asset managers. Expect more details in the next few weeks as the fundraising wraps up.
