Blockchain company Digital Asset raises $120 million

The American company Digital Asset Holdings, active in corporate blockchain, has raised $120 million in a Series D funding round.

Digital Asset lands $120 million Series D with an eye to expand the @Damldriven data network. Read more from @YuvalRooz. https://t.co/p88sjnUzOA

— Digital Asset (@digitalassetcom) April 21, 2021

The round was backed by investment firms 7Ridge and Eldridge. As a result, former Deutsche Börse chief Carsten Kengeter and Veronica Augustsson of 7Ridge joined Digital Asset’s board of directors.

The raised capital will be used to expand the team by 50% and to develop a new protocol for interoperability between distributed networks and traditional databases.

The company’s main product is the open-source smart contract language DAML, which runs on both blockchains and centralized databases. Its solutions include the Australian Securities Exchange (ASX), banking giant BNP Paribas, the financial holding Hong Kong Exchanges and Clearing, and technology company Change Healthcare.

“Without DAML, it is not possible to exchange workflows securely and privately within and between organizations, leading to data inconsistency, costly architectural adaptations, and a lack of common interfaces,” said Digital Asset CEO Yuval Rooz.

CFO Emnet Rios noted that last year the company tripled its client base, with 50% of the new business coming from deployments that did not use DLT technology.

Earlier, announced support for DAML by the Chinese Blockchain Infrastructure Platform (BSN).

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