Despite listings on several major exchanges and a $540 million private investment, the Canton Network’s price fell by more than 30% after trading began.

In a market eager for infrastructure narratives, the debut of Canton Network’s token (CC) drew significant attention.

The layer-one blockchain, backed by a $540 million raise and major exchange listings, promised to be the backbone of on-chain institutional finance, bridging traditional and decentralized finance, but what happened on launch day left much to be desired.

Despite a high-profile treasury announcement and multiple spot exchange listings, including KuCoin, Bybit, and MEXC, the Canton Network price fell more than 30% in the first 24 hours of trading. This news came after the project secured a $540 million private investment from publicly traded Tharimmune Inc.

Still, a combination of bearish market conditions and a huge valuation put pressure on the token’s price. Currently, CC is trading at $0.1054, with a market cap of $3.68 billion. This makes it the 32nd largest token on the market, despite being a relatively new project.

Canton Network secures backing

In June, Digital Asset, the company behind the Canton Network, announced raising $135 million in its strategic funding round. BNP Paribas, Circle Ventures, Citadel, Goldman Sachs, and Paxos participated in funding to accelerate institutional network adoption.

Canton Network is a layer-1 public, permissionless blockchain for institutional finance. It offers configurable privacy and institutional-grade compliance, both features that appeal to institutional investors. The network promises to bridge traditional finance with DeFi, with a focus on real-world assets.

According to project documentation, CC is a fair-launch token, with no pre-allocation to insiders. Instead, all tokens are minted by validators, with rewards distributed across the ecosystem. The token has an unlimited maximum supply.