Blockchain Startup Adhara Secures $15M USD Investment From ConsenSys

Blockchain, Investing, News | October 16, 2018 By:

Blockchain startup Adhara has secured a $15 million investment from blockchain specialist ConsenSys.

Adhara is a blockchain startup that aims to bing privacy to central banks. It was founded by former banking innovators, such as Julio Faura, Santander’s former blockchain lead, Peter Munnings, former head of blockchain at FirstRand Bank in South Africa, and Edward Budd, former chief digital officer at Deutsche Bank.

The startup is building a real time, multi-currency global liquidity management and international payments platform based on tokenized money over a smart contract-enabled distributed ledger. The platform will optimize bank’s capital deployment, manage risk and leverage liquidity effectively globally. It will also atomically clear and settle tokenized fiat payments with settlement finality making them timely and cost effective.

The company will use the investment from ConsenSys to further develop its platform in order to introduce central banks to high-tech cryptography to drive better performance on the blockchain. It will also continue its work with the South African Reserve Bank (SARB) on an industry-grade payments mechanism.

“We have an excellent technical team who have worked for many years on enterprise ethereum solutions with banks and regulators including project Ubin with the Monetary Authority of Singapore and Project Khokha with the South African Reserve Bank,” Munnings said.

Faura said the company is “religious” about the holy trinity of tokenized cash, smart contracts and decentralized ledgers.

“Our approach needs a single, shared, smart contract-enabled ledger where tokenized fiat can be issued and used as a basic building block,” said Faura, “And the only real option out there at the moment is ethereum, in whatever flavor. If you are religious – like we are – about tokenization, you can see it unlocking possibilities to mix this with other assets; trading with a digital representation of value means you can focus on other aspects of the financial industry.”

Joseph Lubin, ConsenSys founder and Ethereum, said in a statement that they invested in Adhara because the company has a track record of delivery.

“We believe they can play a leading role in establishing the future of decentralized financial networks for regulated environments,” Lubin said.