Digital Asset Raises Fresh Funding To Scale Canton Network Adoption

Digital Asset said the roughly $50 million in funding from BNY, iCapital, Nasdaq and S&P Global will help scale the Canton Network as institutions warm to onchain tokenization.

Institutional blockchain infrastructure provider Digital Asset, the creator of the Canton Network, has raised about $50 million in strategic investments from BNY, iCapital, Nasdaq and S&P Global, according to a person familiar with the deal.

According to an announcement on Thursday, the strategic funding will build on Digital Asset’s strong momentum to scale the Canton Network following recent funding milestones that raised $135 million.

The participation of these four big names highlights the range of institutions supporting the Canton Network, as big banks, exchanges, data, and wealth infrastructure all lend their weight to the same underlying blockchain stack.

“Institutions across the financial ecosystem recognize the necessity of blockchain infrastructure purpose-built for regulated markets,” said Yuval Rooz, CEO of Digital Asset. “The addition of BNY, iCapital, S&P Global, and Nasdaq marks another milestone in the evolution of both Digital Asset and Canton.”

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Global asset manager Franklin Templeton is already building on these rails. In October, the $1.6 trillion asset manager said it would move its Benji Investments platform, which tokenizes shares of its flagship US money market fund, onto Canton Network, extending a live tokenized-fund product that previously ran on public chains into Canton’s institutional ecosystem.

Unlike other networks, Canton avoided the ICO route. Its tokenomics are designed to favor validators and applications that drive real transaction activity on the network, rather than pure token speculation, as Rootz previously told Cointelegraph:

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A person familiar with the deal told Cointelegraph that the latest investments build directly on Digital Asset’s $135 million strategic round earlier this year, which brought in DRW, Tradeweb, Goldman Sachs, DTCC, Citadel Securities, Paxos, and others to help scale Canton and onboard more real‑world assets.

Source: CoinTelegraph