Digital Asset Holdings, a developer of financial blockchain applications, announced a successful fundraising round to the tune of $50 million. Participants included some of the biggest names in banking such as ABN AMRO, BNP Paribas and J.P. Morgan.

Blythe Masters, CEO of Digital Asset Holdings and former JP Morgan executive, views the success of this funding round as proof that distributed ledger technology is here to stay:

“These investments represent a tremendous endorsement of Digital Asset from banks, exchanges, settlement and clearing firms, central securities depositories, and market infrastructure and professional services providers,”

According to an article by Bloomberg, Digital Asset Holdings will be providing the Australian Stock Exchange (ASX) with a blockchain-based trading system that will reduce securities settlement down to several minutes. ASX invested about $10 million in this funding round for a %5 stake.

Elmer Funke Kupper, CEO of ASX, believes that now is the time to upgrade the outdated and inefficient ASX trading system, “This is the first opportunity in 20 years to re-engineer the way the market operates end-to-end. We should not miss that opportunity.”

According to the press release, Digital Asset Holdings has announced the expansion of their Board of Directors to nine seats. The board is currently composed of partners from BNP Paribas, Deutsche Börse Group and JP Morgan. Eight board seats are currently filled and the last appointment will be revealed at a later date.

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