Funding Boost: $120 Million Secured
Digital Asset, the mastermind behind the Daml smart contract programming language, has just landed a whopping $120 million in Series D financing from investors 7Ridge and Eldridge. This financial windfall is not just a pat on the back; it’s a launchpad for further growth in the blockchain and data infrastructure arena.
Growth Amidst Challenges
2020 was a rollercoaster year for everyone, but Digital Asset managed to triple its customer base. According to Emnet Rios, the company’s chief financial and operating officer, 50% of their new business actually came from sectors outside traditional blockchain operations. Talk about thinking outside the (blockchain) box!
Innovation Meets Demand
Rios highlighted that there was a significant demand for Daml to help with internal issues like data silos within organizations. To address this need, the company expanded its product lineup to support ten different underlying ledgers. That’s right, not just blockchains, but traditional databases as well. Talk about versatility!
Plans for the Future
So, what’s next for Digital Asset? With their newly acquired funds, they aim to ramp up their team and enhance their interoperability protocols across various platforms. Imagine a world where blockchains and traditional databases can seamlessly interact—sounds like something out of a sci-fi novel!
Backing by the Big Players
It helps to have some heavyweight allies backing you up. Digital Asset’s funding journey began with a $45 million Series C round in 2020, which saw participation from tech giants like Salesforce, Samsung, and VMware. Let’s not forget the notable investors that include IBM, JPMorgan Chase, and Accenture. You know, just a few minor players in the financial and technology realms.
The Power of Daml
Daml, short for Digital Asset Modeling Language, allows developers to create full-stack, distributed applications for blockchains and databases. Since becoming an open-source programming language in April 2019, it has gained traction among major organizations. In fact, Daml was even employed by China’s Blockchain-based Service Network to facilitate decentralized applications!
The Integration and Applications
Daml’s versatility was further showcased in July 2020 when it achieved full integration with Corda Enterprise—the commercial blockchain platform created by R3. Additionally, in September 2020, Singapore Exchange utilized Daml for a digital bond offering, showcasing the real-world applications of this programming language.
Conclusion
Digital Asset is clearly positioning itself as a serious player in the blockchain space, continuing to innovate and expand with impressive financial backing. As they forge ahead, both the industry and the world will be watching to see how they navigate the ever-evolving landscape of technology and finance.
