Digital Asset Raises $355 Million in a16z-Led Round to Expand Canton Network for Tokenized Capital Markets

Digital Asset, creator of the Canton Network, has raised $355 million in a round led by a16z crypto, valuing the company at $2 billion. The funding, backed by Wall Street firms and sovereign wealth funds, will expand Canton's privacy-focused blockchain for tokenized assets. The network is gaining traction with institutions like HSBC and DTCC, signaling a major push to move traditional finance on-chain.

Funding round details

• ▪The funding round drew participation from Citadel Securities, the Abu Dhabi Investment Authority, ABN Amro, Apollo Funds, BNP Paribas, HSBC, and S&P Global
• ▪The funding round was led by Andreessen Horowitz's crypto arm, a16z crypto, which contributed $100 million
• ▪In the past year, Digital Asset had already raised $185 million, including a $135 million round in June 2025 and a $50 million round in December 2025
• ▪Digital Asset, the developer of the Canton Network, raised $355 million in a new funding round
• ▪The deal values Digital Asset at approximately $2 billion

Canton Network fee performance

• ▪According to data from DefiLlama, the Canton Network generated $60.74 million in fees over the past 30 days
• ▪The Canton Network's all-time cumulative fees stand at $458.14 million, per DefiLlama
• ▪Canton's 30-day fee generation surpassed that of Tron ($31.27 million) and Ethereum ($13.51 million) for the same period

Institutional adoption

• ▪The Canton Network has been piloted by institutions such as Goldman Sachs, BNY Mellon, BNP Paribas, Standard Chartered, and Deutsche Börse
• ▪HSBC has run a tokenized deposit pilot on the Canton Network
• ▪The Depository Trust & Clearing Corporation (DTCC) is testing tokenized U.S. Treasury securities on the Canton Network
• ▪The network has more than 700 ecosystem participants

Canton technical architecture

• ▪The Canton Network is designed for financial institutions to issue, trade, and settle tokenized assets while maintaining data privacy and regulatory compliance
• ▪Some critics have described the Canton Network as a "glorified database in the cloud" and not a true blockchain
• ▪Unlike public blockchains like Ethereum, Canton is a privacy-enabled network built to meet the requirements of regulated financial markets
• ▪Canton operates as a "network of networks," allowing participants to retain control over their systems while connecting to a broader ecosystem

Capital deployment plans

• ▪The new capital will be used to scale the Canton Network and expand its product offerings
• ▪Digital Asset will use the funds to accelerate strategic partnerships and help financial institutions move critical infrastructure on-chain
• ▪The funding will also support the network's growth and deepen engagement with developers