Canton SPAC Seeks to Connect Traditional Finance with Institutional-Level Cryptocurrency

The supporters of Canton Network are moving forward with efforts to secure $500 million for a special purpose acquisition company (SPAC) intended to invest in Canton Coin (CC), the blockchain’s native privacy token. Spearheaded by DRW Holdings and Liberty City Ventures, the project seeks to establish a publicly traded entity that will oversee and manage Canton tokens, making it a new contender in the digital-asset treasury (DAT) sector, according to a

. The SPAC will pool Canton Coins from DRW and Liberty City alongside outside investment, with external backers anticipated to contribute between $100 million and $200 million, the report stated.

This SPAC approach is similar to the strategy used by firms such as MicroStrategy, allowing investors to access cryptocurrencies via conventional stock markets. Should the Canton-focused SPAC succeed, it would join a growing list of DATs, which have accumulated billions in assets as institutional interest in crypto infrastructure accelerates, Bloomberg noted. Canton Network, created by

Holdings, is built to deliver privacy at an institutional level and has drawn major financial institutions like Goldman Sachs, Citadel Securities, and BNP Paribas as validators and ecosystem contributors, according to a .

BitGo, a prominent custodian for digital assets, has recently broadened its offerings to include Canton Coin, now providing institutional clients with regulated cold storage and insurance coverage up to $250 million for substantial holdings, as reported by

. Announced on October 29, this integration makes BitGo the first U.S.-qualified custodian for CC and introduces enhanced reporting and multi-signature security features, according to a . BitGo’s Chief Revenue Officer, Chen Fang, highlighted that this development supports institutional adoption of Canton’s infrastructure, which enables tokenized real-world assets (RWAs) and stablecoin transactions, Yahoo Finance reported.

Launched in July 2024, Canton Coin is currently distributed to network contributors who provide infrastructure or build applications, rather than being listed on mainstream exchanges, Yahoo Finance noted. There are now over 22 billion CC tokens in circulation, with more than 300 entities participating in the network. The protocol utilizes the Daml smart contract language, which allows for programmable privacy and horizontal scalability, making it appealing to regulated financial organizations. Melvis Langyintuo, Executive Director of the Canton Foundation, called BitGo’s support a “major milestone for institutional adoption of CC” and pointed to future possibilities such as stablecoin and token standard integration, according to crypto.news.

The SPAC project also intends to strengthen the Canton ecosystem by serving as a super validator—producing coins—and by developing blockchain-based applications, Bloomberg added. The involvement of DRW and Liberty City highlights the increasing institutional appetite for Canton, which has experienced rapid expansion since its 2023 debut. The network’s privacy-centric design, aimed at enabling interoperability between digital and traditional financial systems, meets the growing need for compliant and scalable blockchain solutions, Cointelegraph reported.

With the Canton Foundation preparing for a European listing of CC on Kraken’s EU exchange and BitGo enhancing its infrastructure, the SPAC could help speed up the token’s entry into public markets. This move is part of a larger trend in crypto, where institutional-grade security and regulatory certainty are fueling progress in tokenized assets and decentralized finance.