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. Rounding prices put Tharimmune shares at $3.075 each.
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, running additional nodes to earn token rewards and boost network performance.
Tharimmune will develop therapeutic candidates for the treatment of inflammation and immunology disorders. The company’s stock rose 14% following Monday’s announcement, closing the day up 8.4% on the NASDAQ.
The Canton Network is a permissioned business blockchain built 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
The stocks are moving onchain
Traditional finance is accelerating its transition to onchain. According to data from Rwa.xyz.
Ondo Finance announced in January that it would introduce it Tokenized US Treasury Fund on the XRP ledger, giving investors access to government bonds and stableCoin redemption options. The fund was officially launched June.
In July, Centrifuge teamed up with Grove To launch two Janus Henderson tokenized funds in Avalanche and separately partnered with S&P Dow Jones indices to bring the S&P 500 Onchain for the first time.
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