According to the two companies, the Hyperledger and Digital Asset teams will be combined and Hyperledger CEO, Dan O’Prey, will become Chief Marketing Officer of Digital Asset, and CTO Daniel Feichtinger will join the senior engineering team. Hyperledger’s technology enables financial institutions to create multiple private blockchains across a known group of participants.
Unlike other distributed ledgers, San Francisco-based Hyperledger does not have an inbuilt cryptocurrency and uses a proven consensus algorithm capable of thousands of transactions per second.
Hyperledger is also a finalist in the SWIFT Innotribe startup challenge, a year-round competition that seeks to bridge the gap between the startup ecosystem and the financial services community by introducing the world’s hottest startups to highly qualified industry experts, banks and venture capitalists.
Digital Asset has also announced its earlier acquisition of Bits of Proof, a software company based in Budapest that has built and deployed an enterprise level server to integrate blockchain technology into financial applications. Támas Blummer, Founder and CEO of Bits of Proof has joined Digital Asset Holdings as Chief Ledger Architect.
Blythe Masters, CEO of Digital Asset, said:
Hyperledger and Bits of Proof add valuable new dimensions to our product offering and great talent to our team. We build tools to help clients harness the power of distributed ledgers to serve their own customers. We integrate financial infrastructure with a variety of innovative new technologies inspired by the blockchain. Different ledger technologies serve different purposes and all of those we integrate with are additive.
Operating from offices in New York, Tel Aviv and Budapest, Digital Asset is a technology company that is seeking to use distributed ledgers to track and settle both digital and mainstream financial assets in a cryptographically secure environment where counterparty risk is minimized, and settlement times are drastically reduced.