Distributed ledger startup Digital Asset acquired Zurich-basedElevence Digital Finance, a startup that has developed a modelling language for determining rights and obligations in blockchain collaboration agreements.
Digital Asset noted in a release that Elevence’s technology complements its existing software by providing a new, verifiable way for parties to a transaction to independently prove updates to a distributed ledger while preserving data confidentiality. The acquisition of the eight-person team is the fourth in a round of technology roll-ups by the Blythe Masters-helmed firm, as it bids to build a comprehensive technology stack for the implementation of distributed ledger technology in financial services. Previous acquisitions include Hyperledger, Bits of Proof and Blockstack. In January, Digital Asset raised $50 million as 12 different financial services firms rushed to support the young company.