Digital Asset, the creator of the Canton Network, announced a $355 million funding round led by Andreessen Horowitz's crypto arm a16z, with participation from major financial institutions including Citadel Securities, CME Ventures, S&P Global, BNP Paribas, HSBC, and the Abu Dhabi Investment Authority. The network, designed as a 'network of networks' for financial institutions, aims to bring traditional assets like bonds, equities, and commodities on-chain. Since its launch nearly two years ago, Canton has attracted over 700 ecosystem participants. The funding will support continued growth and developer engagement. However, some critics argue that Canton, due to its permissioned nature and institutional control, is not a true blockchain but a glorified database. Digital Asset had previously raised about $490 million, per Crunchbase. Canton's native token rose 12.3% following the news, trading around $0.16.

Key facts

• Digital Asset raised $355 million led by a16z in its latest funding round.
• Investors include Abu Dhabi Investment Authority, Citadel Securities, and HSBC.
• Canton Network uses a 'network of networks' architecture for institutional asset tokenization.
• Canton's native token rose 12.3% to ~$0.16 after the announcement.
• Critics argue Canton is not a true blockchain due to its permissioned nature.

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