Blockchain software developer Digital Asset Holding LLC, said it has raised $120 million from two notable investors, 7Ridger and Eldridge.
Bloomberg reports today that Digital Asset plans on using the funds to boost its workforce by 50% this year and to develop a new mix of products for its clients’ satisfaction.
Digital Asset Holdings, known for developing blockchain-related software for corporate clients, has been receiving significant amounts of funds from investors since 2016.
From 2016 to date, Digital Asset Holdings’ financial investors include JPMorgan, Citi, Accenture, the Depository Trust & Clearing Corporation (DTCC), Samsung Electronics, CME Group, Australian Stock Exchange (ASX) among others.
Founded by former JPMorgan Chase executive Blythe Masters in 2014, Digital Asset Holdings is committed to providing effective data management for firms that want to clean up their database systems without migrating to the blockchain.
Its main focus is on customers that are heavily reliant on data such as insurance and health care firms.
Notably, at least 50% of Digital Asset Holdings’ clients involve firms that do not want to move to the blockchain to manage their data, while others believe they may want to use the tech at some point. Digital Asset’s customers include ASX, Broadridge Financial Solutions Inc, BNP Paribas SA, and Hong Kong Exchanges and Clearing Ltd.
Yuval Rooz, CEO at Digital Assets, noted that the company uses its Daml platform to help firms set up for blockchain without committing them to one blockchain-based system. Rooz said the reason most of its clients prefer not to commit to one system is that:
“They don’t want to tie themselves literally into one blockchain and then tomorrow someone comes along with a better mousetrap.”
Investors Pouring Money Into Crypto-related Businesses
Since the beginning of the year, several investors have flooded the crypto and blockchain space, splashing large amounts of capital on firms, with the hope of partaking directly or indirectly in the fast-growing industry.
According to Bloomberg, this year alone, crypto and blockchain-related businesses have received investments worth $2.6 billion from 129 startups, surpassing what was recorded last year when investors raised about $2.3 billion in 341 deals.
Meanwhile, Coinfomania reported today that one of the UK’s top asset management firms Baillie Gifford, invested $100 million into popular crypto wallet provider Blockchain.com
