DRW Holdings and Liberty City Reportedly In Talks For $500M Canton Fund

Trading firm DRW Holdings and venture capital firm Liberty City Ventures are reportedly seeking to raise around $500 million for a publicly listed digital asset treasury that will hold the Canton Network’s native token, Canton Coin.

According to a report from Bloomberg, citing unnamed sources, DRW Holdings and Liberty City Ventures will contribute the majority of the funds as Canton Coin (CC), while external investors are expected to contribute between $100 million and $200 million. 

The specifics could change, however, as the sources suggested that the deal hasn’t closed yet. 

DRW Holdings is a Chicago-based trading firm that is diversified across a wide range of asset classes, while the New York-based Liberty City Ventures is more heavily focused on the crypto market, Web3 and AI. Both are backers of the Canton Network.    

The news follows another Canton-related development this week, after digital asset tech company BitGo and the Canton Network announced a partnership that will see BitGo integrate custody support for CC. 

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The move will provide banks and asset managers with a regulatory-compliant way to access the network and the CC token, while it also introduces cold-storage custody, insurance-backed security and potential for ecosystem growth via stablecoins and other onchain assets.