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Permissioned Blockchain company Digital Transaction Limited raises US$21 million in Series A funding
Hong Kong – Digital Transaction Limited (DTL), a Hong Kong Cyberport-based Blockchain core technology startup, announcesit has successfully raised US$21 million in its Series A financing. The funds will be used to expand its ongoing research/development efforts and global marketing.
DTL’s invention --- ParallelChain™--- is a high performance permissioned blockchain with a demonstrated speed of 100,000 TPS (transaction per second), at least 20 times faster than the leading competitor. ParallelChain™ also resolves current blockchain issues of interoperability and scalability. In addition, ParallelChain™ offers novel features such as tamper-proofed records, no-data-leakage, preventive security access, and supports on-line transaction processing with an almost immediate update of <100ms write/update acknowledgement. These features will place DTL in the lead ahead of permissioned blockchain technologies worldwide.
Ian Huang, Founder, Chairman & CEO, acknowledges that the issue related to Blockchain technology’s scalability is the prime reason why this technology has not been widely adopted commercially. “We have resolved such concerns by demonstrating our performance and scalability to multiple well-established organizations as well as government entities. In our view, Blockchain is well beyond FinTech, as it is a multiparty transactional network. We would be further enhanced together with strategic partners and system integrators to develop and support commercial and governmental solutions.” Huang noted.
Dr George Lam, Chairman of Cyberport, commented on DTL’s fundraising success: “As Hong Kong's leading digital technology community and FinTech cluster, Cyberport is committed to fostering Hong Kong as a leading international blockchain hub. Cyberport will continue to promote and facilitate blockchain development and application by leveraging its extensive international network to collaborate with globally and regionally leading blockchain experts. ParallelChain™, a blockchain technology developed by Cyberport community member Digital Transaction Limited (DTL), has potential for wide use not only in FinTech, but also in other areas such as healthcare. I am delighted that DTL successfully secured Series A financing to further expand its business. Cyberport will continue to nurture more digital technology companies to enrich Hong Kong's start-up ecosystem and digital economy.”
The funding will enable Digital Transaction Limited to further capitalize on its position as the technology leader in the Permissioned Blockchain industry. Continued solution innovation and mindshare development are the two key areas of focus for Digital Transaction Limited. The funding will also drive further international expansion.
Digital Transaction Limited is set to launch its product globally starting Q4 of 2019.
About the Company
Digital Transaction Limited (DTL) is a blockchain core technology company established in Hong Kong in February 2018, focusing on Permissioned Blockchain and certain pre-selected killer applications. ParallelChain™ is developed by a group of veterans with track records in computer networking, database, cybersecurity, and computer design disciplines from MIT, Stanford, Harvard, Carnegie Mellon, Dartmouth College, Hong Kong University of Science and Technology, Harbin Institute of Technology, and Case Western Reserve University.DTL has 15 US patents pending for its invention. Visit www.digital-transaction.com for more details.