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Blockchain startup Digital Asset secures $35M in Series C round

Thu, 12 Dec 2019, 11:47 am UTC

New York-based blockchain startup Digital Asset has raised over $35 million in Series C funding round, bringing its total funding to $150 million to date.

The round drew support from new and existing investors led by Jefferson River Capital, the family office of former Blackstone president Tony James, and the Australian Securities Exchange (ASX), CoinDesk reported.

The company said that the fresh funding will be used to accelerate the adoption of the open-source DAML smart contract language across multiple industries and to expand the number and variety of DAML-enabled partner products. Part of the funding will also be used to fund new products that aim to enhance the DAML developer experience, specifically project:DABL, a cloud-based prototyping, and production environment for DAML applications.

“DAML allows you to focus only on what you need to do to differentiate your product and eliminate the complexity that doesn’t provide value to your organization,” said Yuval Rooz, co-founder and CEO of Digital Asset. “Ninety percent of development time is wasted on undifferentiated work. With this new funding, we will go further on this mission to focus on the 10 percent value-add by providing a world-class smart contract experience regardless of where your application runs.”

Earlier this year, Digital Asset open-sourced its smart contract language DAML, which helps automate business processes and digitally facilitate, verify, and enforce agreements between two or more entities. The company provides commercial integrations of DAML with partner platforms, allowing organizations of any size to develop “secure, sophisticated, compliant, and operationally solid applications faster and deploy them to any ledger.”

In April, Digital Asset partnered with VMware to integrate DAML with VMware Blockchain. Further integrations with Hyperledger Sawtooth, Hyperledger Fabric, Corda, and Amazon’s QLDB and Aurora databases have been announced.

ASX selected Digital Asset in 2016 to replace its Clearing House Electronic Subregister System (CHESS) with a distributed ledger technology (DLT)-based system. Earlier this year, ASX signed a three-party memorandum of understanding (MOU) with Digital Asset and VMware in order to provide its DLT offering with support from these two firms.

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