Asset Tokenization Platform Digix Raises $1.25 Million in Seed Fundingbr>
Smart asset technology platform Digix has raised $1.25 million in a seed funding round, led by Japanese venture capital firm Global Brain and blockchain-focused firm Fenbushi Capital.
Founded in 2014, the Digix platform tokenizes physical assets on ethereum. The company leverages the distributed ledger for its immutability, transparency and auditability by applying it to precious physical assets. Digix has created a range of technologies including The Proof of Asset Protocol (POA) and Digix Gold Tokens (DGX) on ethereum.
The company will use the money to hire developers and business managers and expand its business operations. Additionally, it will help the venture continue building its DigixDAO platform for trading gold-backed digital tokens on the ethereum blockchain.
“It is with pleasure that I welcome the two VCs on board,” said Digix CEO and co-founder Kai C. Chng. “They are well versed with the new token economy and will work with us to ensure the success of our asset tokenisation platform and the decentralised governance system we strive for with DigixDAO. I am very confident that they will guide us properly towards scaling our operations with their years of experience in taking care of technology companies, while simultaneously introducing the benefits of our tokens and protocol to their network of partners across the globe.”
“Digix’s technology has tremendous value in this newly born token economy all over the world,” said Global Brain founder and CEO Yasuhiko Yurimoto. “Their technology and DGX as gold tokenisation will bring this entire ecosystem into the next step.”
Last month, Digix teamed with bitcoin payment processor Coinify to facilitate bitcoin payments through its marketplace.