Digital Asset Holdings, a leading enterprise blockchain technology firm, has successfully raised $120 million in a Series D investment round. This funding was led by investment firms 7Ridge and Eldridge. The latest capital infusion brings the company’s total funding to over $300 million, signaling strong investor confidence in its vision and technology.
With this new financial backing, Digital Asset intends to expand its workforce by 50% within the year. A significant portion of the funds will also support the launch of a new interoperability protocol. This protocol is designed to enable seamless data transfer across diverse blockchains and traditional database systems. As part of the funding arrangement, Carsten Kengeter and Veronica Augustsson from 7Ridge will join Digital Asset’s board of directors.
Expanding Enterprise-Grade Blockchain Solutions
The cornerstone of Digital Asset’s offerings is the open-source DAML smart contract language. DAML provides a unified programming framework that synchronizes data across both decentralized blockchains and conventional centralized databases. This unique capability has attracted a prestigious client base, including major financial institutions like the Australian Securities Exchange (ASX) and the Hong Kong Exchanges and Clearing.
Yuval Rooz, Co-Founder and CEO of Digital Asset, emphasized the critical problem DAML solves. He noted that without such a language, organizations struggle to share workflows privately and securely, both internally and with external partners. This often leads to data inconsistencies, costly architectural adaptations, and a lack of standardization.
The company experienced remarkable growth last year, with its client base tripling. Notably, half of all new business came from non-blockchain implementations, highlighting DAML’s versatility. To meet this growing and diverse demand, Digital Asset expanded its product support to include ten different underlying ledgers, including various traditional databases.
Enhancing Performance with Next-Generation Infrastructure
One of the most prominent projects utilizing Digital Asset's technology is the new distributed ledger system for the Australian Securities Exchange (ASX), slated for implementation. This system, developed with DAML and the ISO 20022 protocol, is designed to replace the exchange’s existing CHESS platform. The upgrade promises significant improvements in performance, durability, and system stability, alongside the introduction of new functionalities.
Beyond the core language, Digital Asset offers DABL, a developer-friendly hosting platform. DABL allows developers to deploy DAML scripts efficiently, abstracting away the complexities of implementing, managing, and scaling distributed applications. It serves as a live environment for applications that manage workflows between individuals, corporations, and entire markets. 👉 Explore more strategies for deploying smart contracts
The Growing Enterprise Adoption of Blockchain
Blockchain technology has steadily moved from a vague concept to a critical operational tool for businesses worldwide. Its adoption is accelerating as tangible use cases demonstrate clear value. A 2020 Deloitte survey underscores this trend, revealing that 39% of global respondents had already integrated blockchain into production—a substantial increase from 23% the previous year. Among larger corporations with annual sales exceeding $1 billion, the adoption rate was even higher at 46%.
Digital Asset’s vision is rooted in this evolving landscape. The company foresees a future where businesses operate a variety of systems, each powered by infrastructure tailored to its specific needs. The goal with DAML is to create a global ecosystem of interconnected yet heterogeneous technologies, all communicating through a standard protocol. This approach paves the way for a future where disparate systems can interact seamlessly, regardless of their underlying architecture.
Frequently Asked Questions
What is DAML?
DAML is an open-source smart contract language created by Digital Asset. Its primary function is to synchronize data and workflows across different systems, including both blockchains and traditional databases, ensuring consistency and security.
How does Digital Asset’s technology benefit traditional enterprises?
It helps large organizations break down internal data silos, reduce operational costs associated with inconsistent data, and create standardized interfaces for secure collaboration with external partners, even if they are not using blockchain.
What is the significance of the new interoperability protocol?
The new protocol aims to solve a major challenge in tech: data isolation. It will allow information to flow freely and securely between different blockchains and legacy database systems, enabling truly integrated enterprise workflows. 👉 Get advanced methods for data interoperability
Who are typical users of Digital Asset’s products?
Their clientele is predominantly in the financial sector and includes major stock exchanges, but the technology is also being adopted by any large enterprise dealing with complex, multi-party data workflows.
Why is the ASX project important?
The ASX’s implementation of a DAML-based system is a high-profile, real-world validation of the technology’s ability to handle critical, large-scale financial infrastructure, potentially serving as a model for other exchanges globally.
How does DABL simplify development?
DABL is a platform-as-a-service (PaaS) that handles the backend complexity of deploying and running DAML applications. This allows developers to focus on writing business logic rather than managing infrastructure.