Three important partners will back Singapore-based crypto-finance company FUSION with $12.3B of financial assets which will be locked on the startups’ public blockchain platform, Reuters reported.
Asset management firm Formula, car financing company Carnex, and restaurant supply chain management firm KuaiLaiCai will provide the funding.
The participating companies will put the money on the FUSION blockchain and will manage deals from those funds utilizing blockchain.
The FUSION blockchain framework will provide, in return, global finance network, the ability to trade in different cryptocurrencies, and a broad spectrum of financial instruments.
DJ Qian, FUSION founder remarked:
“FUSION is like a value connector. Every company has its own ecosystem and the money flows from one player to another. But that ecosystem is actually limited. What FUSION is trying to do is create a platform that will help those ecosystems connect with each other once they have digitized their assets.”
Previously, Cointelegraph disclosed that Paxos, an American financial technology startup firm received an investment of “$65M” for the expansion of its activities. The company provides blockchain-based services to financial institutions and operate ItBit, a digital currency exchange, and custodian.