Digital Asset Holdings, LLC, a developer of Distributed Ledger Technology for the financial services industry, today announced that The Goldman Sachs Group, Inc. and IBM have joined its recently announced funding round bringing the total to more than $60 million from 15 industry leaders across the financial ecosystem.
“The addition of Goldman Sachs and IBM as investors in Digital Asset will continue to help drive the global adoption of this transformative technology,” said Blythe Masters, CEO of Digital Asset.
Launched in 2015, Digital Asset’s mission is to improve efficiency, security, compliance and settlement speed while reducing costs through the implementation of Distributed Ledger Technology. Its products serve the entire financial ecosystem through the creation of tailored business logic applications using privately permissioned networks that employ a cryptographically secure and shared infrastructure. Digital Asset software has the potential to significantly improve post-trade processing efficiency and security, while reducing cost, latency, errors, risk and capital requirements.
“We have long held the view at Goldman Sachs that by embracing innovation and technology, we can better serve our clients, further improve our risk-management capabilities, and enhance operational efficiency,” said Paul Walker, Global Co-Head of Technology at Goldman Sachs. “We believe that distributed ledger technology will play a transformative role in the way financial institutions transact globally and we look forward to working with Digital Asset and the broader financial and technical community to engage this emerging technology.”
“We are excited to jointly develop distributed ledger technologies that will allow our clients to transform their business, and further strengthen our partnership with Digital Asset,” said Jerry Cuomo, IBM Fellow and Vice President, Blockchain. “Blockchain holds real potential to transform a wide range of industries and IBM is committed to making it ready for business.”
