ASX increases stake in Digital Asset

ASX increases stake in Digital Asset

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.

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