Digital Asset Raises $355 Million Led by a16z Crypto, Says It Is Now Profitable

Digital Asset, a developer behind the Canton network, has raised $355 million in a funding round led by a16z crypto. According to ChainCatcher, The Block reported that the round included participation from a range of investors, including financial institutions and trading firms. Digital Asset said it has reached profitability following the financing. CEO Yuval Rooz said the capital will be used to expand the company’s balance sheet, which he said would improve financial flexibility and support potential mergers and acquisitions, participation in new projects, and work with partners building on-chain financial services.