Digital Asset Group Secures Funding From Samsung and Salesforce
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Digital Asset Group Secures Funding From Samsung and Salesforce

February 5, 2020      Shailesh Panwar

Digital Asset, a blockchain company, has unveiled that Samsung Venture Investment Corporation and Salesforce Ventures have invested in its recent Series C financing round. The firm raised a whopping $35 million from the financing round. The firm was concentrated on DAML, its smart contract modelling language, and its integration among other frameworks.

How DAML Adoption Of Digital Asset Will Benefit Industries 

Digital Asset stated that it would use the funds to quicken the DAML adoption across various industries, expand the variety and number of DAML-enabled partner products, and finance new developer-focused products development. 

Yuval Rooz, co-founder and CEO of Digital Asset, stated that the interest of Samsung and Salesforce Ventures and their investment during the financing round illustrated their confidence in DAML smart contracts. 

DAML was used to generate smart contracts and digitally enforce and verify agreements among two or more entities. It has provided DAML commercial integrations while partnering with the Australian Securities Exchange (ASX), which has been creating a new post-trade solution that would use blockchain

The solution was introduced to replace CHESS, the firm’s legacy Clearing House Electronic Sub register System platform, which has been operating for 25 years. The ASX was using DAML to enable direct connections to CHESS.  The exchange believed it would also empower clients to create shared workflows and innovate on top of the platform, with DAML SDK allowing customers to develop applications. Last year, Digital Asset declared its partnership with VMware for DAML and VMware Blockchain integration. 

After that, the company announced further integrations with Hyperledger Fabric, Hyperledger Sawtooth, Amazon’s QLDB and Corda. In addition to Salesforce and Samsung backing the blockchain company’s tech, Digital Asset has gained a new board member in Susan Hauser.

Hauser Sees DAML Adoption Fruitful 

Susan Hauser, a 28-year Microsoft expert, who worked as corporate vice president in Worldwide Enterprise & Partner Group of Microsoft stated that they would see languages like DAML and smart contracts adoption taking-off in the future. Hauser added that she would be looking forward to lending her expertise and supporting [Digital Asset] transform entire industries with DAML and expand its go-to-market activities, delivering innovation without including trust.

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Shailesh Panwar
Shailesh Panwar

Shailesh is an ardent follower of the crypto world and keenly watches every development taking place in the cryptocurrency space. He loves to voice his opinions through well-curated blogs and articles, which throw light on different facets of the crypto industry.