Canton Network's backers plan to raise $500 million to establish a special purpose acquisition vehicle (SPAC) to invest in Canton Coin.

BlockBeats News, October 30th, according to Bloomberg, part of Canton Network's backers is in talks to raise about $500 million to establish a publicly traded entity for investing in the bank-backed blockchain's token, Canton Coin.

The entity also plans to operate the network as a super-validator and develop related applications. DRW Holdings and Liberty City Ventures will contribute the majority of the amount in Canton Coin, with another $1 billion to $2 billion expected to come from external investors. Insiders said Liberty City Ventures Managing Director Mark Toomey will serve as the entity's president, and former DRW COO Mark Wendland will be the CEO.