Privacy-Oriented Canton Seeks to Connect Wall Street and Blockchain Through $500M SPAC

Supporters of Canton Network are moving forward with efforts to secure $500 million via a special purpose acquisition company (SPAC) to invest in Canton Coin, the blockchain platform’s native token focused on privacy, according to a

. The planned SPAC, which intends to go public, would act as a super-validator on the network and create applications to strengthen the ecosystem, . Major investors DRW Holdings and Liberty City Ventures are set to provide a large share of the funding in Canton Coins, while additional investments are anticipated from outside parties, Bloomberg stated.

This SPAC approach reflects a rising trend among digital-asset treasury firms, which pool cryptocurrencies into publicly traded entities to give traditional investors access to crypto assets, Bloomberg observed. Should the plan proceed, the Canton-focused SPAC would join a fast-growing field led by firms like MicroStrategy, which has accumulated billions in

reserves. Still, this model has drawn criticism, as some digital-asset treasuries have faced price swings, prompting certain operators to sell tokens to finance share repurchases.

Launched in July 2024, Canton Coin is intended to reward those who help build the network’s infrastructure or applications, Bloomberg reported. Unlike most digital currencies, Canton Coin isn’t traded on exchanges at present, but is distributed to validators and contributors. The blockchain’s privacy and institutional-grade design have drawn interest from major financial institutions such as Goldman Sachs and Tradeweb, both of which are already involved with the network, Bloomberg noted. The platform’s expansion has been described as “parabolic,” now boasting more than 300 participants and $280 billion in daily repo transactions, according to Bloomberg.

Institutional adoption is being further supported by BitGo’s recent launch of custody services for Canton Coin. The U.S.-based custodian is the first regulated provider to offer cold-storage solutions for the token, with $250 million in insurance protection,

. BitGo’s involvement highlights the token’s potential for broader acceptance, especially as the Canton Foundation pursues regulatory approval for trading in the European Union, .

The SPAC will be led by Mark Wendland, former COO of DRW, as CEO, and Mark Toomey from Liberty City Ventures as president,

. Clear Street is serving as advisor for the transaction, though the specific exchange for the SPAC’s listing has not yet been determined. This setup is part of a larger effort to institutionalize the Canton ecosystem, with validator and application roles boosting the token’s utility, according to Phemex.

Although the $500 million fundraising is still under discussion, the project demonstrates the merging of traditional finance with blockchain technology. Canton’s privacy-centric design, combined with institutional custody and treasury strategies, positions it as a strong candidate in the tokenized asset and stablecoin settlement sectors, as noted by crypto.news. Nevertheless, the SPAC’s outcome will rely on investor trust, regulatory developments, and the token’s future public listing—a timeline that remains unclear, Bloomberg reported.