Shinhan Investment & Securities said on the 27th that it joined as an investor in Digital Asset, the operator of the Blockchain network "Canton Network." Shinhan Financial Group plans to expand its global digital business through this investment.
The investment was made by participating in a $355 million (about 520 billion won) funding round led by a16zcrypto, the crypto-focused fund of Andreessen Horowitz, Silicon Valley's largest venture capital (VC) firm. Shinhan Investment & Securities and Shinhan Venture Investment will participate jointly.
Digital Asset is a Blockchain technology company founded in 2014. It operates Canton Network, a privacy Blockchain network for financial institutions. Canton Network is a public layer-1 Blockchain that supports institutional-grade privacy. It is regarded as infrastructure that can simultaneously realize the privacy, compliance, and interoperability required by the financial sector while executing the transfer of assets and applications and regulatory workflows into an on-chain environment.
Shinhan Financial Group is moving to expand its global digital business through its investment in Digital Asset. On the of last month, Shinhan Investment & Securities and Shinhan Asset Management signed a memorandum of understanding (MOU) with Digital Asset for cooperation in digital assets and tokenization.
A Shinhan Investment & Securities official said, "We highly value Canton Network's privacy and compliance capabilities, and we are pleased to join in building global infrastructure that can support institutional investors in Asia participating in the digital asset market."