PANews reported on October 30th that, according to Bloomberg, backers of Canton Network are in talks to raise approximately $500 million for a publicly traded entity that will invest in the tokens of the bank-backed blockchain project, becoming the newest member of its digital asset reserve. Sources familiar with the matter revealed that trading giants DRW Holdings and Liberty City Ventures will provide the majority of the funding in the form of Canton tokens (not yet listed on cryptocurrency exchanges). $100 million to $200 million will come from external investors. Details are subject to change as the deal is not yet finalized. The entity will also support the network's overall utility by acting as a supervalidator (which generates tokens) and developing blockchain-related applications. According to sources familiar with the matter, Mark Toomey, managing director of Liberty City Ventures, will serve as president of the entity, while former DRW COO Mark Wendland will serve as CEO. Clear Street is providing banking advice for the transaction. It is currently unclear where the entity will be traded. Canton Network, launched in 2023 and developed by Digital Asset Holdings, received a $135 million funding round in June this year led by DRW and Tradeweb Markets, with participation from financial giants such as Goldman Sachs and Citadel Securities, as well as Liberty City.PANews reported on October 30th that, according to Bloomberg, backers of Canton Network are in talks to raise approximately $500 million for a publicly traded entity that will invest in the tokens of the bank-backed blockchain project, becoming the newest member of its digital asset reserve. Sources familiar with the matter revealed that trading giants DRW Holdings and Liberty City Ventures will provide the majority of the funding in the form of Canton tokens (not yet listed on cryptocurrency exchanges). $100 million to $200 million will come from external investors. Details are subject to change as the deal is not yet finalized. The entity will also support the network's overall utility by acting as a supervalidator (which generates tokens) and developing blockchain-related applications. According to sources familiar with the matter, Mark Toomey, managing director of Liberty City Ventures, will serve as president of the entity, while former DRW COO Mark Wendland will serve as CEO. Clear Street is providing banking advice for the transaction. It is currently unclear where the entity will be traded. Canton Network, launched in 2023 and developed by Digital Asset Holdings, received a $135 million funding round in June this year led by DRW and Tradeweb Markets, with participation from financial giants such as Goldman Sachs and Citadel Securities, as well as Liberty City.
DRW is leading talks to raise $500 million for a publicly traded Canton token reserve company.
PANews reported on October 30th that, according to Bloomberg, backers of Canton Network are in talks to raise approximately $500 million for a publicly traded entity that will invest in the tokens of the bank-backed blockchain project, becoming the newest member of its digital asset reserve. Sources familiar with the matter revealed that trading giants DRW Holdings and Liberty City Ventures will provide the majority of the funding in the form of Canton tokens (not yet listed on cryptocurrency exchanges). $100 million to $200 million will come from external investors. Details are subject to change as the deal is not yet finalized. The entity will also support the network's overall utility by acting as a supervalidator (which generates tokens) and developing blockchain-related applications.
According to sources familiar with the matter, Mark Toomey, managing director of Liberty City Ventures, will serve as president of the entity, while former DRW COO Mark Wendland will serve as CEO. Clear Street is providing banking advice for the transaction. It is currently unclear where the entity will be traded. Canton Network, launched in 2023 and developed by Digital Asset Holdings, received a $135 million funding round in June this year led by DRW and Tradeweb Markets, with participation from financial giants such as Goldman Sachs and Citadel Securities, as well as Liberty City.
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