Singapore Startup Secures $12.3 Bln in Assets on Blockchain Platform

Singapore-based crypto-finance company FUSION has secured $12.3 bln in financial assets from three strategic partners, who will lock those assets on the startups' public blockchain platform, Reuters reported June 1.

The funds were reportedly provided by three companies, FormulA, Carnex, and KuaiLaiCai, which operate in the fields of asset management, car financing, and restaurant supply chain management, respectively.

By depositing the sums on the FUSION blockchain, the participants commit to using the blockchain to manage and process transactions from those funds.

By using FUSION, the companies reportedly will receive access to a global finance network, be able to deal in various cryptocurrencies, and have a wider choice of financial instruments.

"FUSION is like a value connector. Every company has its own ecosystem and the money flows from one player to another. But that ecosystem is actually limited. What FUSION is trying to do is create a platform that will help those ecosystems connect with each other once they have digitized their assets."

Yesterday Cointelegraph reported that an American financial technology startup Paxos raised $65 mln from investors to bolster its operations, such as providing blockchain-based services to financial institutions, and to operate digital currency exchange and custodian itBit.

Earlier this week, Cloud-based supply chain company Tradeshift said it would push blockchain development with the money it received from its latest funding round.

The series E round, which included Goldman Sachs among its major contributors, was worth $250 mln, bringing the total of investment funding to $400 mln.