Singapore’s FUSION secures $12.3bn in assets for blockchain platform

Singapore-based technology start-up, FUSION, has secured $12.3bn in assets for its blockchain platform.

FUSION is a crypto-finance business which was founded by DJ Qian. It has secured the financial assets from three strategic partners which have all committed to lock their funds into the organisation’s public blockchain platform, according to Reuters.  

The partners include FormulA, an asset management company; Carnex, a car financing business; and KuaiLaiCai, a restaurant supply chain management firm. Each partner has deposited its assets using the FUSION blockchain platform, which will then allow them to manage or handle transactions from that platform.

See also:

Japan’s Binance establishes $1bn blockchain fund

Singapore comes top in Global Cities Report 2018

Chinese cryptocurrency exchange Huobi announces $1bn blockchain fund

In an interview on Thursday, Qian explained: “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 very limited. What FUSION is trying to do is create a platform that will help these ecosystems connect with each other once they have digitised their assets.”

He added that FUSION will allow companies to gain access to a global network, and to use their committed assets across various cryptocurrencies, with a wider range of financial instruments available.

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