ASX ploughs another $15m into blockchain provider
ASX has poured in a fresh investment of $US10 million ($14.5m) into the company behind its ambitious plan to implement a world-first equities blockchain, as part of a larger $US35m funding round.
The funding injection takes ASX’s total investment in Digital Asset to $US30.9 million, and is an indication of the huge importance the success of the start-up to the future of the local exchange.
Digital Asset is working with the ASX to build and deploy a private blockchain – which it is calling distributed ledger technology (DLT) – that will initially serve as a replacement for its ageing CHESS system, to reconcile trades.
However it has recently emerged that the company has far widing ambitions for the technology, once it is proven, to offer a range of new services across the financial sector.
These would include letting companies bring registry management in-house; automating AGM proxy voting, so votes could be cast with a click and enabling the real-time management of capital raisings. More broadly it could be used to facilitate superannuation switching by by-passing pooled unit structures and to digitise the home-buying experience.
To read more, please click on the link below…
