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DigitalX, Lateral seal Blockchain development partnership

Maria Nikolova

The two companies will jointly develop Blockchain and distributed ledger based products for large businesses across Australia.

DigitalX Ltd (ASX:DCC), a company for Blockchain-enhanced software solutions, keeps pushing into the distributed ledger technology space, as the company has earlier today announced a partnership with professional software developer Lateral. The key goal of the collaboration is the creation of Blockchain and distributed ledger products for large enterprises in Australia and a number of regions in Asia.

DigitalX is bringing its Blockchain Intellectual Property (IP) into the partnership, whereas Lateral, which has a 30-year track record in the software development, will provide systems solutions advice, technical support and introductions to clients. Lateral’s client network includes names like Samsung and Honda Australia. Some clients willing to adopt Blockchain technologies have already been identified.

The deal will enable DigitalX to monetize further the Blockchain expertise it has gained through AirPocket, a blockchain-enhanced remittance solution, and AirID, a distributed ledger technology enterprise solution.

In February 2017, DigitalX confirmed it was moving away from Bitcoin trading services and was focusing its operations to its payments application AirPocket. For that matter, DigitalX has announced a deal with Blockchain Global Limited, previously known as Bitcoin Group Limited, over the DigitalX Direct platform. The agreement will see DigitalX receive half of all revenues generated from customers introduced to Blockchain Global and their exchange service ACX.io.

Meanwhile, DigitalX is making progress with regards to the funding deal it secured in late March 2017, when it said it had landed up to AUD 1 million in financing from Ironside Capital (formerly known as Merchant Corporate) via the issue of converting notes.

Last week, DigitalX announced that it had received a further AUD 300,000 in convertible notes. The company issued 30 convertible notes, with a face value of AUD 10,000 per note, converting to Fully Paid Ordinary Shares at AUD 0.05 per Share and maturing April 21, 2018. On March 29, 2017, DigitalX confirmed that it had entered into agreements with investors for the initial AUD 300,000 in convertible notes. The company also advised that the total amount of the funding has been increased from AUD 1 million to AUD 1.25 million.

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