Blockchain provider Digital Asset Holdings has upgraded its technology capabilities with the acquisition Zurich-based Elevence Digital Finance.
Elevence was targeted by Digital Asset for its modelling language technology, which is capable of expressing any right or obligation, including cash, securities and derivatives, whereby the code defines the considerations between parties, and determines how these contractual relations can evolve over time.
This provides relevant parties with a unified view of current and future rights and obligations on a need-to-know basis, rather than Smart Contract systems, which can reveal confidential information.
According to Digital Asset, Elevence’s products will complement 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 inclusion of Elevence into Digital Asset will expand the company’s European presence with its first Zurich office along with the inclusion of Elevence’s eight-strong team of experienced software architects, specialised consultants, and financial professionals.
Elevence CEO Dr Vincent Peikert will join Digital Asset as head of digital asset Switzerland and head of product for Europe, while Dr James Litsios, chief technology officer, will become head of development in Switzerland.
“With this acquisition, we will harness the power of Elevence’s technology and its team of talented individuals to enhance our offering for the financial services industry,” said Blythe Masters, CEO of Digital Asset.
“The resulting Digital Asset platform is specifically designed to address financial services applications requiring automation, privacy and immutability.”
Peikert added: “Digital Asset is recognised as a leading provider of distributed ledger technology and has a remarkable team developing and deploying cutting-edge software for financial institutions.”
“This makes the company an ideal partner for Elevence, and joining forces will enable us to offer the broadest portfolio of solutions to the benefit of our customers.”
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