The ASX will increase its stake in US-based Digital Asset from 5.0 per cent to 8.5 per cent, investing a further $7 million in the company.
The purchase follows a warrant acquired by the ASX at the time of its initial investment, allowing it to increase the stake and appoint a representative to the Digital Asset board of directors.
In addition to the purchase, the ASX announced it had entered a commercial agreement appointing Digital Asset as the preferred partner to develop a new system for clearing and settlement.
The ASX made an initial investment in January 2016, putting $14.9 million into the blockchain company, and began working on the new system as part of an ongoing process to replace the existing CHESS system.
Read more:
VicSuper CIO announces retirement
Listed infrastructure remains 'compelling': Zenith
CBA renews contract with Morningstar
With AMP set to announce its full-year results in February, the wealth giant is under pressure to announce that anybody other than Ares is i...
The COVID crisis has revealed how central banks have amplified wealth inequality in recent years, according to Schroders, with its head of A...
Australia has seen another drop in unemployment ahead of the removal of JobKeeper. ...
Get notifications in real-time for staying up to date with content that matters to you.
Read More