Red Violet picks up minority stake in Dragonchain

Cogint subsidiary Red Violet Blockchain and Analytical Solutions has acquired a minority stake in Dragonchain.

While the terms of the transaction were undisclosed, the company has acquired a less than 5 per cent stake.

Dragonchain was initially developed by Disney in 2015, but was then open-sourced in 2016 and started operations under Dragonchain Foundation. The company helps to simplify businesses applications integrating with a blockchain.

The company technology can help with business data and operations security, currency agnosticism, and multi-currency support.

Earlier in the year, Cogint formed a collaboration with Dragonchain which saw Red Violet Solutions implement its asset tracking, identity verification, fraud prevention, and transaction security services with the Dragonchain platform.

Cogint CEO Derek Dubner said, ?We invested in Dragonchain because of its valuable technology, thought leadership, cultural alignment, and opportunity to be the leader in enterprise blockchain adoption across disparate industries.p>

Last year, Dragonchain closed a $16.5m ICO, which saw that sale of 433 million of its DRHN tokens.

Red Violet was spun out of cogint earlier in the month, to help both businesses make better decisions and capital deployment.

North America received 77 per cent of the total capital deployed in the blockchain sector last year. The next highest proportion of equity went to Asia, with the region netting 16 per cent of the total deal value.

Copyright ? 2018 FinTech Global

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