ASX takes its investment in Digital Asset to $30.9m

Maria Nikolova

ASX has invested US$10 million in DA’s latest funding round, bringing its total equity investment in DA to US$30.9 million.

ASX has taken part in the latest fundraising round of its technology partner Digital Asset (DA). The Exchange has confirmed that it invested US$10 million in the round, bringing its total equity investment in DA to US$30.9 million.

DA announced earlier this week that it raised more than US$35 million in Series C funding from new and existing investors. Digital Asset, the creator of the open source DAML smart contract language, said the latest financing round brings the total amount raised by Digital Asset since its establishment in 2014 to $150 million.

The funds will be used to accelerate the adoption of DAML across multiple industries, expand the number and variety of DAML-enabled partner products and fund new products designed to enhance the DAML developer experience, specifically project DABL, a cloud-based prototyping and production environment for DAML applications.

Let’s recall that ASX is replacing its Clearing House Electronic Subregister System (CHESS) with a new system based on Digital Asset’s distributed ledger technology (DLT).

Peter Hiom, ASX’s Deputy CEO, said: “ASX is a strong believer in Digital Asset and its strategy of developing the open source DAML smart contract language, and enabling applications written in it to operate across many different types of distributed ledgers. We are encouraged by the support of existing and new investors in this fundraising. This confirms our own faith in the company and its future, and that’s why we have increased our stake.”

ASX has reiterated that its CHESS replacement-DLT project remains on-track for go-live in April 2021. A customer development environment is currently open and industry-wide testing is set to commence in mid-2020.

Read this next

Institutional FX

Invast Global ramps up its offering with 10 soft commodity CFDs

Sydney-based prime-of-prime provider Invast Global has expanded its offering with the addition of ten soft commodity CFDs, which increases their index and commodity CFD offering to 35 instruments.

Retail FX

FF Simple and Smart Trades says Goodbye to CySEC authorization

The Cyprus Securities and Exchange Commission (CySEC) confirmed that it has wholly withdrawn the Cyprus Investment Firm (CIF) licenses of FF Simple and Smart Trades Investment Services Ltd.

Crypto Insider

Shining the Light in Crypto’s Dark Places

Something changed in regulators’ minds after the November crash of the FTX crypto exchange.

Executive Moves

Financial Commission Adds Sam Low to Dispute Resolution Committee

The Financial Commission (FinaCom PLC), a dispute resolution service that caters to the financial services industry, has appointed Sam Low as the newest member of its Dispute Resolution Committee (DRC).

Digital Assets, Uncategorized

De-facto owner of Bithumb exchange arrested in South Korea

South Korean prosecutors have arrested Kang Jong-Hyun, the anonymous chairman and owner of the country’s largest cryptocurrency exchange, Bithumb, on charges of embezzlement and stock manipulation.

Retail FX

Interactive Brokers volumes snap three-month losing streak

Electronic brokerage firm Interactive Brokers LLC (NASDAQ:IBKR) said its trading volumes rose in January, an indication that investor confidence in the financial markets is rebounding after having been fairly mixed over the past few months.

Digital Assets

VVF invests $5 million in Everscale, a potential Layer 2 solution for Venom blockchain

“For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential Layer 2 solution.”

Institutional FX

FXSpotStream volume ends string of declines on January rebound

Trading volumes on institutional FX platforms surged in January as traders increased their bets on central bankers’ policy with evidence mounting that inflation and economic growth are both losing momentum.

Industry News

DeFi firm Aurox launches SEC-compliant crowdfunding campaign on tZERO

“This is a great opportunity for us to raise capital from our community and the broader public on a leading fully regulated platform. We are confident that the tZERO Markets platform will provide us with the exposure and reach we need to attract a diverse investors to support our business growth.”

<