Biotech company Tharimmune has successfully raised $540 million in private funding. This significant capital infusion is earmarked for establishing a cryptocurrency treasury strategy and acquiring Canton Coin (CC), the native token of the Canton Network.
The private offering, recognized as one of the largest digital asset financings to date, was spearheaded by DRW and Liberty City Ventures. Key participants in this round included ARK Invest, Polychain Capital, and Kraken, alongside other institutional investors. This funding round values Tharimmune’s shares at $3.075 each.
Tharimmune has stated that the funds will be allocated towards the purchase of CC tokens, supporting general operational activities, and enhancing its involvement within the Canton ecosystem. Furthermore, the company intends to assume the role of a Super Validator, which involves operating additional nodes to generate token rewards and bolster the network's overall performance.
Tharimmune is primarily focused on developing therapeutic candidates designed to treat inflammation and immunology disorders. Following Monday's announcement, the company's stock experienced a notable increase, rising approximately 14% and closing the day up 8.4% on the Nasdaq exchange.
The Canton Network is a permissioned enterprise blockchain specifically engineered for institutional use. It facilitates interoperability between financial applications and tokenized assets. The network boasts support from prominent financial institutions, including Goldman Sachs, HSBC, BNP Paribas, Paxos, Deutsche Bank, and Cboe, among others.
The Growing Trend of On-Chain Traditional Finance
The integration of traditional finance with on-chain activities is rapidly accelerating. Data from RWA.xyz indicates that the value of tokenized assets has surpassed $34.6 billion. This total is comprised of $18.4 billion in private credit, $8.7 billion in US Treasury debt, and $3 billion in commodities.
In January, Ondo Finance announced its intention to introduce its tokenized US Treasury fund to the XRP Ledger. This initiative aims to provide investors with access to government bonds and stablecoin redemption options. The fund officially commenced operations in June.
Further demonstrating this trend, in July, Centrifuge partnered with Grove to launch two Janus Henderson tokenized funds on the Avalanche blockchain. In a separate development, Centrifuge also collaborated with S&P Dow Jones Indices to bring the S&P 500 onto the blockchain for the first time.