Wall Street Giants, Sovereign Wealth Fund Back Canton Network Creator in $355M Round

Digital Asset raised $355 million from investors including an Abu Dhabi-based investment fund, according to Thursday. to announce from the company behind the Canton Network.

The company said the Abu Dhabi Investment Authority, through a subsidiary, was one of the participants in the latest investment. Growth follows people, they were allowed to debut in blockchain almost two years ago.

The people behind Canton, a network of financial institutions, said the round will be led by Andreessen Horowitz’s crypto arm, a16z crypto. Some of the participants included other prominent Wall Street firms, such as Citadel Securities, CME Ventures, and S&P Global.

The fund also received participation from several financial banks and financial institutions around the world, from South Korea to the Netherlands: William Blair, Hanwha Investment & Securities, BNP Paribas, HSBC, and ABN Amro.

Various support groups are emphasizing Canton’s international approach to bringing financial institutions to its “network of networks”, which allows participants to control systems that are connected to the environment.

The new investment also reflects Canton’s growth as a way to manage transactions related to real world assets, or RWAs, such as bonds, equities, and commodities. The funding round had crypto-native participants such as Coinbase Ventures.

The Cantonese symbol changed hands for about 16 cents, a 12.3% increase last week, according to CoinGecko. The digital asset rose a record 19 cents in February.

“The implementation of blockchain will be defined by operational, manufacturing-class services in the world’s largest markets,” Digital Asset CEO Yuval Rooz said in a statement. “For capital markets to thrive, organizations need a foundation that reflects their performance.”

Rooz also highlighted Canton’s ability to support corporate privacy and security requirements. Since the network’s inception, Canton has acquired more than 700 natural resources, he added.

Because corporations have full control over the financial resources they offer online, some blockchain purists have argued that Canton is not a true blockchain.

““Many experts (including us) consider it a cloud storage facility and completely incompatible with the Bitcoin infrastructure that is unreliable and unlicensed,” TD analyst Lance Vitanza, for example, wrote in a February newsletter.

Prior to the company’s latest funding offering, Digital Asset had raised $490 million in funding, according to Crunchbase. Digital Asset said the new headquarters will help support the growth of the network, and increase communication with producers.