FUSION, a Singaporean start-up in blockchain, secured $12.3 billion locked in assets from three partners committed to the company's blockchain platform.
The funds locked into the FUSION blockchain are coming from three companies: FormulA, Carnex and KuaiLaiCai. The companies deal with asset management, car financing and restaurant supply chain management, according to news source Reuters.
Blockchain is a shared database maintained by a network of computers which allow digital transactions to happen in cryptocurrency like bitcoin.
"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," said FUSION founder DJ Qian.
The benefits companies receive from committing to FUSION include access to a global finance network, interaction across cryptocurrencies, and another choice of financial tools. Recently, FUSION has raised more than $50 million in less than 24 hours during its token offering and up to $100 million in a token sale in February, having to return half after reaching its capital limit.