A Singapore-based crypto-finance start-up FUSION (FSN) 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.
The secured funds come from FormulA, Carnex, and KuaiLaiCai, 3 companies operating in asset management, car financing, and restaurant supply chain management, respectively.
The locked-in funds represent a commitment from the 3 companies, which have deposited their assets with the FUSION blockchain, for them to manage them or handle transactions from those funds.
«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», – FUSION founder DJ Qian said.
Qian added that by locking the assets onto FUSION, companies are able to gain access to a global finance network, interact across various cryptocurrencies and have a broader choice of financial instruments.
In February FUSION (FSN) raised more than $100 million during the token sale, but had to return half of that to investors because the start-up had already hit its limit for capital. It raised more than $50 million in less than 24 hours for its ICO.