Digital Asset raises $120 million funding to expand product portfolio

Digital Asset raises $120 million funding to expand product portfolio

Digital Asset- a blockchain-led application development platform has reportedly secured USD 120 million in Series D funding from 7Ridge and Eldridge. Notably, the company aims at using the raised funds to expand its team and its product portfolio with a protocol that allows data interface across databases and blockchains.

The company was established in the year 2014 by Don Wilson, Shaul Kfir, Eric Saraniecki, and Sunil Hirani and its flagship product includes a distributed ledger technology for banks and other financial institutions, insurance providers, and healthcare units.

Seemingly, Digital Asset believes that blockchain can help change disparate data silos into synchronized networks that reduce errors by guaranteeing that data remains consistent.

As per reliable sources, the New York-based company has built an open-source contracting language known as DAML that runs on different ledgers. Additionally, the firm hosts a marketplace that comprises of DAML scripts from Wipro, Accenture, and other notable companies, addressing use cases such as repacking the mortgage-backed securities as well as reducing credit risk in repo markets.

In addition to the above, DAML can also run ion non-blockchain systems like Amazon Aurora, which works with Postgres, MySQL, and other traditional database technologies.

For the record, Digital Asset also provides a hosting platform called DABL for the developers to use their DAML scripts into production. DABL helps to abstract away the management, deployment, and scaling of distributed apps, working as a live environment for applications that consists of flows between people, markets, and companies.

Elaborating on the offerings of the company, Emnet Rios, COO, CFO at Digital Asset, mentioned that presently the firm is working with five of the ten global stock exchanges, such as Singapore Exchange and Hong Kong Exchanges, along with entities across financial services like BNP Paribas, and Broadridge, healthcare units like Change Healthcare, and various customers across several industries.  

Source Credit: https://venturebeat.com/2021/04/21/blockchain-startup-digital-asset-nabs-120m-to-knock-down-data-silos/