Blockchain startup Digital Asset closes $40m Series B round

Digital Asset Management, a blockchain startup founded by former JPMorgan exec Blythe Masters, has closed a $40m Series B round of funding.

The financing, which was led by Jefferson River Capital, featured participation from existing and new investors.It brings the total funding raised by Digital Asset to over $110m, with the Australian-based company expanding its global presence.

Additionally, the company has bolstered its executive team with Clyde Rodriguez, former Co-CTO of Two Sigma Investments, joining as Chief Information Officer & CTO of Engineering.

Rodriguez previously worked at Microsoft, where he formed and led the Azure cloud networking group as general manager. Earlier, he led Microsoft’s Windows division in creating and delivering the first 64-bit Windows client and server operating systems.

Masters said, ?Clyde is a respected technology executive with a strong track record of leading engineering teams to develop mission-critical enterprise software that supports hundreds of millions of customers worldwide. The addition of Clyde and the closing of our Series B financing position Digital Asset to capitalize on the enormous opportunities we see.p>

Founded in 2014, Digital Asset has over 130 employees in offices in New York, London, Zurich, Budapest, Sydney and Hong Kong, serving global clients like the ASX and DTCC.

The Digital Asset Platform delivers flexible infrastructure for regulated financial institutions to share processes and data securely, on a need-to-know basis, without the need for reconciliation according to its website. It combines a permissioned Distributed Ledger with a powerful financial modelling language to ensure that each institution operates from a single source of truth.

Investments to the Blockchain & Cryptocurrencies sector made a strong start to the year with 72% of last years total funding already committed according to data by FinTech Global.

Funding to Blockchain & Cryptocurrencies companies is set to hit a record in 2017, with a total of $412m invested in the first half of the year. This was partly due to a few large deals including a $107m deal to Blockchain company R3 CEV in May 2017 which made up 26.0% of the total funding in the first half of 2017.

Copyright ? 2017 FINTECH GLOBAL

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