ASX ups stake in blockchain firm

ASX has increased its initial investment in blockchain firm Digital Asset from 5% to 8.5%.

The Australian Stock Exchange (ASX) has announced it is to increase its initial investment in blockchain firm Digital Asset.

ASX paid $14.9 million to acquire a 5% equity interest in Digital Asset in January this year, and is now to invest a further $7 million, taking its stake from 5% to 8.5%.

Digital Asset was ASX’s “preferred partner to continue to develop a distributed ledger technology solution to address the post-trade needs of the Australian cash equities market.”

Elmer Funke Kupper ASX’s CEO, said at the time of the initial investment: “There has been very little innovation in the post-trade services that operate around the world for the better part of 20 years.”

The exchange plans to develop a blockchain solution with Digital Asset, working alongside regulators “to assess the benefits that a new solution could deliver.”

Blythe Masters CEO of Digital Asset said the work the two firms have already carried out “indicates that Australia has a unique opportunity to be a world leader in the adoption of distributed ledger technology.”

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