ASX increases stake in Digital Asset

By Killian Plastow

— 1 minute read

24 June 2016

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

Platform FUM remains steady at $669bn

ASIC takes Macquarie to court over van Eyk fund