Singapore-based crypto-finance start-up FUSION has secured $12.3 billion in financial assets from three strategic partners that have committed to lock in those funds with the organization’s public blockchain platform Reuters reported June 1.
The secured funds come from FormulA, Carnex, and KuaiLaiCai, three companies operating in asset management, car financing, and restaurant supply chain management, respectively.
By depositing the sums on the FUSION blockchain, the participants commit to using the blockchain to manage and process transactions from those funds.
By using FUSION, the companies reportedly will receive access to a global finance network, be able to deal in various cryptocurrencies, and have a wider choice of financial instruments.
“FUSION is like a value connector,” founder DJ Qian said to Reuters in an interview late on Thursday. “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,” he added.
FUSION raised more than $100 million in a token sale in February but had to return half of that to investors because the start-up had already hit its limit for capital, said Qian. It raised more than $50 million in less than 24 hours for its token offering.