01 October 2019
Digital Transaction Limited raises US$21 million in Series A funding
The funds will be used to expand the company's R&D efforts and support its international expansion
Hong Kong, 1 October 2019 – Digital Transaction Limited, a Hong Kong-headquartered blockchain core technology startup in Cyberport, has announced it 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.
Digital Transaction’s invention, ParallelChain™, is a high-performing permissioned blockchain with a demonstrated speed of 100,000 transaction per second, at least 20 times faster than any existing enterprise blockchains. In addition to offering novel features such as tamper-proof records, provable immutability and preventive security access, ParallelChain™ also resolves current blockchain issues of interoperability and scalability, and supports online transaction processing with an almost immediate update of <100ms write/ update acknowledgement. These features place ParallelChain™ ahead of existing permissioned blockchain technologies around the world.
Ian Huang, Digital Transaction's Founder, Chairman and CEO, acknowledges that the issue related to scalability is the prime reason why blockchain has not been widely adopted commercially. “We have resolved such concern 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 multi-party transactional network. We would be further enhanced together with strategic partners and system integrators to develop and support commercial and governmental solutions.”
Dr. George Lam, Chairman of Cyberport, commented on Digital Transaction'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, has potential for wide use not only in FinTech, but also in other areas such as healthcare. I am delighted that Digital Transaction 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 to further capitalize on its position as the technology leader in the permissioned blockchain industry. Curremtly, continued solution innovation and mindshare development are the two key areas of focus for Digital Transaction.
Digital Transaction is set to launch its product globally starting Q4 in 2019.
About Digital Transaction Limited
Founded in 2018, Digital Transaction Limited (DTL) is a breakthrough blockchain technology company founded in Hong Kong. DTL is the home of ParallelChain™, the fastest, most scalable and the only GDPR privacy compliant blockchain in the world with provable immutability. With 6 pending US patents, DTL’s unparalleled technology and applications accelerates the ubiquitous adoption of blockchain in the commercial space by solving all the current limitations of widescale enterprise blockchain deployment.