Privacy is crypto's next killer app — Arc, Canton and Tempo just crossed $1B raised to prove it!

Three institution-focused blockchains — Arc, Canton and Tempo — have collectively raised more than $1 billion at combined valuations exceeding $10 billion, signalling a structural shift in where serious capital is flowing inside crypto. Circle raised $222 million at a $3 billion valuation for Arc, Digital Asset is reportedly closing $300 million at a $2 billion valuation for Canton, and Tempo — backed by Stripe and Paradigm — previously locked in $500 million at a $5 billion valuation.

Bitwise CIO Matt Hougan framed the wave around three converging forces: regulatory clarity following the passage of the Genius Act in 2025, rising corporate demand for private blockchain transactions, and intensifying competition from corporate-backed networks. His central thesis is blunt — fully transparent chains like Ethereum and Solana are a liability for businesses. "If you're a business…