Singapore Startup Secures $12.3 Bln in Assets on Blockchain Platform
Jun 03, 2018 Posted / 1995 Views
Reuters detailed, FUSION, digital currency finance firm based in Singapore acquired $12.3 billion in financial resources from three strategic accomplices, which will store the assets on the public platform of the startup.
The assets were purportedly given by three organisations, Carnex, KuaiLaiCai and FormulA which works in the area of asset management, car funding and management of restaurant supply chain.
By storing the funds on the FUSION blockchain, the members focus on utilising the blockchain technology to oversee and process from those assets.
With the help of FUSION, the organisations will get an access to a worldwide network of finance, have the capacity to deal with various digital currencies and have a more extensive option of financial instruments. DJ Qian, founder of fusion remarked on the agreement by saying:
“FUSION is like a value connector. Every company has its own ecosystem and the money flows from one player to another. But that ecosystem is actually limited. What FUSION is trying to do is create a platform that will help those ecosystems connect with each other once they have digitised their assets.”
It was recently revealed that Paxos, an American financial technology startup raised $65 million from investors to reinforce its tasks, for instance, giving blockchain based services to financial establishments and to run digital currency exchange, itBit.
Not long ago, Tradeshift, a cloud based supply chain network firm said it would propel blockchain advancement with the money it got from its most recent financing round. The series E round, which incorporated Goldman Sachs among its significant donors and was worth $250 million, which brings the aggregate of funding to $400 million.
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