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The round has not closed, and its final size and terms could still change. Investment bank FT Partners is advising Digital Asset on the deal, according to Bloomberg, which first reported the news. Neither Digital Asset nor A16z Crypto has publicly commented.
If completed, the raise would be the largest single funding round in Digital Asset’s history. The company was founded in October 2014 by Yuval Rooz, Eric Saraniecki, Shaul Kfir, Sunil Hirani, and Don R. Wilson of DRW. Digital Asset has spent more than a decade building distributed ledger technology for institutional capital markets.
Digital Asset is best known for Daml, an open-source smart contract language purpose-built for financial applications, and for developing the Canton Network, a public Layer 1 blockchain launched in 2023 alongside Goldman Sachs, Deutsche Börse, BNP Paribas, and others.
The Canton Network is designed for institutional finance and offers configurable, protocol-level privacy. Participating firms share only the data required to settle a transaction, a contrast to fully transparent chains such as Ethereum or Solana, where transaction data is publicly visible.
The network’s Global Synchronizer, governed by the Canton Foundation, enables real-time synchronization of assets and data across applications and subnets without relying on bridges. Institutions use it for tokenized real-world assets, repo financing, collateral mobility, and settlement workflows.
Adoption has grown across Wall Street. Visa joined as the first payments company to serve as a Super Validator in March 2026 and added Canton to its stablecoin settlement pilot. The DTCC announced a collaboration with Digital Asset to tokenize DTC-custodied U.S. Treasuries, targeting 2026.
HSBC, S&P Global, BNY Mellon, Citadel Securities, Nasdaq, and Euroclear are among the participants and validators active on the network. To date, Canton has processed or issued over $6 trillion in tokenized assets.
Digital Asset’s prior major raises include a roughly $135 million strategic round in June 2025 led by DRW Venture Capital and Tradeweb Markets, with participation from Goldman Sachs, Citadel Securities, DTCC, and BNP Paribas. This was followed by a roughly $50 million extension in December 2025 from BNY Mellon, Nasdaq, S&P Global, and iCapital.
A16z Crypto closed its $2.2 billion Crypto Fund V earlier this year, bringing its total dedicated crypto capital to roughly $10 billion across five funds. The firm has publicly identified protocol-level privacy as a missing capability that has slowed blockchain adoption in regulated financial markets, aligning with the Canton Network’s focus on privacy-preserving infrastructure.
Fresh capital would allow Digital Asset to scale developer tools, add subnets, expand ecosystem onboarding, and push further into cross-border pilots and global collateral network applications. The company remains privately held.
The round is not finalized, and additional details are expected in the coming weeks.
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