Digital Asset Holdings, the creator of the Canton Network, targets raising $300 million in fresh capital at a $2 billion valuation, according to Bloomberg. Andreessen Horowitz's crypto arm, a16z Crypto, leads the round.
The funding push comes less than a year after Digital Asset completed a nine-figure Series B raise. The accelerated capital cycle reflects investor appetite for the company's institutional-grade blockchain infrastructure.
Canton Network operates as a protocol for decentralized finance and enterprise applications, positioning itself as a bridge between traditional finance and crypto infrastructure. Digital Asset has long courted institutional players and financial institutions seeking permissioned or semi-permissioned blockchain solutions.
a16z Crypto's participation underscores the firm's continued bet on enterprise blockchain adoption beyond consumer-facing tokens. The venture giant has backed similar infrastructure plays targeting institutions seeking alternatives to public blockchains.
The $2 billion valuation marks significant growth for Digital Asset since its founding. The company competes with other enterprise blockchain platforms like Hyperledger and Cosmos, though Canton positions itself more explicitly for institutional settlement and trading workflows.
Exact details on the round's close timeline remain unclear from the report. Digital Asset has historically maintained a lower profile than consumer-focused crypto projects, focusing on partnerships with financial institutions rather than retail user acquisition.
The timing aligns with broader institutional interest in blockchain infrastructure following 2024's spot Bitcoin ETF approval and growing regulatory clarity in major markets. Institutions increasingly explore settlement layer alternatives to traditional systems, creating demand for platforms like Canton.