Digital Asset (DA) has raised $ 35 million in Series C funding, marking a "first sister of JP Morgan Chase", and the company's former CEO Blythe Masters suddenly A year after leaving, the blockchain startup is making a comeback.
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The funding round comes from new and existing investors led by Jefferson River Capital, the family office of Tony James, former president of Blackstone Group, and the Australian Securities Exchange (ASX). Institute (ASX) is committed to using DA's technology part to achieve a partial transition to blockchain settlement.
In this round of financing, ASX invested US $ 10 million, which brought ASX's equity investment in DA to US $ 30.9 million.
After the market for customized distributed ledger technology (DLT) continues to shrink and DA has lost several well-known employees, ASX's continued involvement represents trust in the startup.
Yuval Rooz, CEO of Digital Asset, who replaced Masters, said
"Unlike other enterprise blockchain projects, we have not missed the deadline to sign a contract with ASX."
He also said that industry-wide testing of the new ASX system will begin in the first quarter of next year, a process that may take about a year.
The new round of funding brings Digital Asset's total funding to $ 150 million since its inception in 2014. Currently, DA has not announced the names of other new investors.
The company plans to use the proceeds for community development around Digital Asset Modeling Language (DAML) and to roll out the technology to new platforms and the wider industry.
ASX Deputy CEO Peter Hiom said:
"ASX firmly believes that DA and its open source DAML smart contract language and applications written using it can run in many different types of distributed ledgers. The support of existing and new investors in this fundraising event makes us feel Inspiring. This confirms our belief in the company and its future, which is why we have increased our investment in DA. "
A long and winding road
DA originally claimed to be a maker of dedicated blockchains for banking and financial infrastructure, but later shifted its focus to DAML, an open source system for processing smart contracts. The protocol can run on many blockchains and non-DLT distributed architectures and has been integrated with Hyperledger Sawtooth, Hyperledger Fabric, Corda, Amazon's QLDB, and cloud-native Aurora database.
Rooz still believes the company is still close to its original mission.
"From my point of view, this is not a new direction. This is the right extension of what we do. I think it is rare for a startup to change direction once. Look at Slack— —It was initially just an instant message for gamers. "