FINANCIAL SERVICES | Staff Reporter, Singapore

Singapore crypto startup gets $16.46b for blockchain tech

The platform FUSION allows companies to tap into a global network and interact with other cryptocurrencies.

A Singapore-based crypto-finance startup called FUSION got US$12.3b, or $16.46b, in financial assets from three partners for its public blockchain platform, founder DJ Qian told Reuters.

The three partners were identified as FormulA, Carnex, and KuaiLaiCai, which specialise in asset management, car financing, and restaurant supply chain management, respectively.

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, Qian said.

FUSION raised more than US$100m in February but had to return half of that to investors because the start-up had already hit its limit for capital, he added.

Read the full report here.

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