Trading firm DRW Holdings and venture capital firm Liberty City Ventures are reportedly aiming to raise around $500 million for a publicly traded digital asset vault that will hold Canton Coin, the native token of Canton Network.
Bloomberg reports, citing unnamed sources, that DRW Holdings and Liberty City Ventures will provide the bulk of the funding in the form of Canton Coin (CC), with outside investors expected to contribute between $100 million and $200 million.
However, those involved have indicated that the deal has not yet been finalized, so details may change.
Source: Canton Network
DRW Holdings is a Chicago-based trading company diversified into a wide range of asset classes. New York-based Liberty City Ventures, on the other hand, is more focused on crypto markets, Web3, and AI. Both are supporters of the canton network.
The news follows new Canton-related developments this week, as digital asset technology company BitGo and Canton Network announced a partnership in which BitGo will integrate custody support for CC.
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The move provides banks and asset managers with a compliant way to access the network and CC tokens, while also introducing cold storage custody, security through insurance, and the potential for ecosystem growth via stablecoins and other on-chain assets.
The project recently onboarded two important validators, P2P.org and Chainlink, with the latter joining as a “super validator” and integrating its data services and cross-chain interoperability protocols.
Canton Network is a blockchain designed for compliant transactions by financial institutions, enabling interoperability between financial apps and tokenized assets. In addition to DRW Holdings and Liberty City Ventures, it is backed by a number of leading banks, tech companies and exchanges, including Digital Assets, HSBC, BNP Paribas, CBOE, Goldman Sachs, Deutsche Bank and Paxos.
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n: Asia Express
