In a latest announcement, Australian Securities Exchange Ltd (ASX) has stated that it is exercising its right to purchase further equity in the Digital Asset Holdings, the US-based startup developing distributed ledger technology for the financial services industry.
ASX is investing US$7,157,065 which increases its holding in Digital Asset to approximately 8.5%. Earlier this year, ASX invested $10.5 million in the startup to acquire its initial 5% equity stake. In fact, ASX was one among other leading firms from the financial ecosystem that helped Digital Asset raise $60 million. In addition, ASX also selected the startup to develop distributed ledger solutions for the Australian equity market.
“ASX and Digital Asset have also entered into a commercial agreement appointing Digital Asset as ASX’s preferred partner to continue to develop a distributed ledger technology solution to address the post-trade needs of the Australian cash equities market”, the announcement reads.
The announcement also stated that ASX will appoint a representative to the board of Digital Asset as it increases its holding.
In April, Digital Asset announced the acquisition of Zurich-based Elevence Digital Finance AG, a technology firm that has developed an expressive language for financial institutions to model and execute agreements with certainty and finality.
