Digital Asset, a newly-launched company aimed to improve trading through blockchain technology, has racked up $60m in its first financing round.
The business, which started operations last year, has received backing fifteen of the biggest names in the financial and technology sectors including banking groups Goldman Sashs, JP Morgan, Citigroup, BNP Paribas and software group IBM among others.
Digital Asset says its software solutions have the potential to significantly improve post-trade processing efficiency and security, while reducing cost, latency, errors, risk and capital requirements.
Paul Walker, global co-head of technology at Goldman Sachs, commented, “We have long held the view at Goldman Sachs that by embracing innovation and technology, we can better serve our clients, further improve our risk-management capabilities, and enhance operational efficiency.
“We believe that distributed ledger technology will play a transformative role in the way financial institutions transact globally and we look forward to working with Digital Asset and the broader financial and technical community to engage this emerging technology.”
Jerry Cuomo, fellow and VP for blockchain at IBM, added, “Blockchain holds real potential to transform a wide range of industries and IBM is committed to making it ready for business.”
Digital Asset intends to use the funding to grow its business and improve services to its client base worldwide.
Headquartered in New York the fintech company also has offices in San Francisco, Tel Aviv, Budapest, and recently announced the opening of a new office in London.
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