Digital Asset is well known in financial services for building corporate blockchains for stock exchanges, but the company has a broader vision to use its latest round of funding to continue to strengthen interoperability between networks around the world. , regardless of their underlying technology.
Yuval Rooz, Co-Founder and Managing Director of Digital Asset, told Markets Media: âWe all have these clients who are isolated from each other, but we see the world becoming more connected. We believe that you don’t have to choose a winning horse to be connected.
Digital Asset has developed Daml, an open source smart contract language developers can use to write and deploy full stack distributed applications for distributed ledger technologies, blockchain or traditional databases in just days.
Rooz said, âThe company’s vision is to create a global economic network by allowing different implementations of Daml to interconnect with each other, regardless of their underlying technology.
He explained in a blog that connectivity has traditionally been added after the fact in the form of envelopes around obsolete systems or pre-defined interfaces at the edge of applications, with no guarantee of consistency between the two, both internally between silos within organizations and externally between organizations.
âOur vision is of a world of countless systems, each powered by an infrastructure that meets its own requirements,â Rooz wrote. âAs long as they’re truly interoperable, which means no matter what technology they’re running on and no new single point of failure is introduced, it shouldn’t matter. This is how the Internet works, a network or named networks, and the future of commerce should do the same.
In April of this year, Digital Asset raised over $ 120 million in its latest fundraiser from private equity firms 7RIDGE and Eldridge, which it will use to expand its team globally by 50%. This year.
The company also announced that Carsten Kengeter, former CEO of Deutsche Boerse and former CEO of UBS Investment Bank, and Veronica Augustsson of 7RIDGE, former CEO of Cinnober Financial Technology, have joined the Digital Asset Board.
Kengeter said in a statement, âWith Daml, organizations can move to a data-driven business model. Write once, run everywhere, connect to anything.
Last year, Digital Asset tripled its customer base, with half of new business coming from non-blockchain deployments.
Emnet Rios, CFO and COO at Digital Asset, said in a statement, âWe have seen significant demand for Daml to address internal data silo issues within an organization. As a result, we have expanded our product portfolio to support 10 different underlying ledgers, including traditional databases. “
Rooz continued that Daml is a very good tool for managing very complex data systems that are multistakeholder in nature – where different parties can see different things or do different things with the data.
The majority of Digital Asset’s clients are in financial services, but the technology is also used in other industries such as healthcare, which is multi-party in nature in the United States, insurance, and sports betting.
For example, BNP Paribas Securities Services uses Daml to build applications for DLT platforms developed by the Australian Securities Exchange (ASX) and Hong Kong Exchanges & Clearing Limited (HKEX) using Daml.
Luc Renard of BPSS APAC said in a statement: âWe believe that Daml has the potential to become a new standard for international capital markets. As a smart, platform-independent contract language, it can be used by almost any trading and settlement platform that an exchange can select.
Digital Asset works on ASX’s post-trade chess platform. In November of last year, HKEX announced that it would use Daml to launch Synapse, a new settlement platform for its Stock Connect program between China and Hong Kong. Synapse will integrate with the U.S. DTCC’s institutional transaction processing services to enable international investors to automate and expedite the settlement process.
HKEX said the settlement process is currently cumbersome, outdated, and difficult to follow as it requires two-way communications across various platforms.
“Each participant is responsible for verifying and enriching the data on the transaction, matching it and reconciling it with their counterparties before instructing the next participant in the chain – possibly producing final settlement instructions on the exchange. HKEX added.
Xpansiv, the global marketplace for environmental, social and governance commodities, also announced in April this year that it will use Daml for its infrastructure to turn raw physical data from commodities into tradable ESG assets.
Joe Madden, CEO of Xpansiv, said in a statement: âThe ESG wave continues to strengthen. Now is the time to scale up, which requires standardization and interoperability of processes.
Rooz said using Daml to support the infrastructure of new ESG-inclusive and data-driven assets, such as methane performance, GHG intensity and carbon removal products, will boost liquidity and will allow these new markets to flourish.
He continued that Digital Asset sees a lot of interest in interoperability, especially for digital currencies from central banks.
By the end of this year, Rooz aims to have more customers go into production with Daml and the global economic network to become more visible.