Biotech company Tharimmune has raised $540 million in private funding to launch a crypto treasury strategy and acquire Canton Coin (CC), the native token of the Canton network.
The private offering, among the largest digital asset financings to date, was led by DRW and Liberty City Ventures, with participation from ARK Invest, Polychain Capital, Kraken and other institutional investors. The round values Tharimmune shares at $3.075 apiece.
Tharimmune said the funds will be used to purchase CC tokens, support general operations, and expand its role within the Canton ecosystem. The company also plans to become a super validator, operating additional nodes to earn token rewards and boost network performance.
Tharimmune is developing therapeutic candidates for the treatment of inflammatory and immunological disorders. The company’s stock rose about 14% after Monday’s announcement, closing the day up 8.4% on the Nasdaq.
The Canton Network is a permissioned enterprise blockchain designed for institutions, enabling interoperability between financial applications and tokenized assets. Its backers include Goldman Sachs, HSBC, BNP Paribas, Paxos, Deutsche Bank, Cboe and others.
Related: BitGo extends institutional custody to Canton Network’s native token
Stocks move on a chain
Traditional finance is accelerating its evolution towards the chain. According to data from RWA.xyztokenized assets are now worth more than $34.6 billion, including $18.4 billion in private credit, $8.7 billion in U.S. Treasury debt, and $3 billion in commodities.
Ondo Finance announced in January that it would present its tokenized US Treasury funds to the XRP Ledger, giving investors access to government bonds and stablecoin redemption options. The fund was officially launched in June.
In July, Centrifuge in partnership with Grove to launch two Janus Henderson tokenized funds on Avalanche and separately partnered with S&P Dow Jones Indices to bring the S&P 500 on chain for the first time.
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