Singapore-based crypto-finance startup FUSION has secured US$12.3 bln in financial assets from 3 strategic partners, who will lock those assets on the startups’ public blockchain platform, according to Reuters in June, 2018.
The funds were reportedly provided by three companies including FormulA, Carnex, and KuaiLaiCai, which operate in the asset management, car financing, and restaurant supply chain management sectors.
The participants commit to using the blockchain to manage and process transactions from those lock-in-funds by depositing the sums on the FUSION blockchain. The companies reportedly will receive access to a global finance network, be able to interact across various cryptocurrencies, and have an extensive choice of financial instruments by locking the assets into FUSION.
FUSION founder DJ Qian commented on the deal: “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.”
Previously, the cloud-based supply chain company Tradeshift said it would push blockchain development with the money it received from its latest funding round. The US$250 mln series E round, which included Goldman Sachs as one its major investors, brought the total of investment funding to US$400 mln.
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