Digital Asset Holdings, the blockchain start-up founded by former JP Morgan executive Blythe Masters, has raised over US$40 million of fresh financing.
The new funding comes just weeks before the Australian Securities Exchange makes a critical decision on whether to use the start-up’s technology to replace its post trade equities clearing and settlement system.
In September, ASX executives voiced confidence about replacing their legacy post-trade infrastructure with a block chain-based system.
At the time the ASX said it will announce in December whether to dismantle its existing CHESS system in favour of a distributed ledger platform built using Digital Asset technology.
Other high-profile clients of Digital Asset Holdings include The Depository Trust & Clearing Corporation and the SIX Securities Exchange in Zurich.
Founded in 2014, the Digital Asset fintech has over 130 staff in New York, London, Zurich, Budapest, Sydney and Hong Kong.
Set for growth
The latest round brings the total funding raised by Digital Asset to over US$110 million as the company expands its global presence.
The new funding is likely to drive a further wave of acquisitions.
Said Masters in a statement: “The closing of our Series B financing positions Digital Asset to capitalise on the enormous opportunities we see.".
Since launch, Digital Asset has acquired four companies: Hyperledger, Bits of Proof, Blockstack and Elevence.
This latest round of financing was led by Jefferson River Capital which is owned by Tony James the president and chief operating officer of BlackStone.
Additionally, the firm has bolstered its executive team with Clyde Rodriguez, a former head of technology of Two Sigma Investments, joining as chief information officer and chief technology officer of engineering.
Rodriguez was an early member of Microsoft's Azure Cloud organization, having formed and led the Azure Cloud Networking group as general manager.
Previously, he led the Microsoft Windows Division in creating and delivering the company's first 64-bit Windows Client and Server x64 Edition operating systems.