Digital Asset Holdings, the blockchain startup led by former JP Morgan executive Blythe Masters, has raised more than $50m in a new funding round.

The firm announced that it had completed a fundraise involving 13 financial institutions. The round drew support from ABN AMRO; Accenture; ASX Limited; BNP Paribas; Broadridge Financial Solutions; Citi; CME Ventures; Deutsche Börse Group; ICAP; J.P. Morgan; Santander InnoVentures; The Depository Trust & Clearing Corporation (DTCC); and The PNC Financial Services Group, Inc.

A report by Bloomberg News indicates that the total amount raised was $52m. Digital Asset did not immediately respond to requests for comment.

Digital Asset also said that it is expanding the size of its board of directors from four to nine, adding representatives from JP Morgan, BNP Paribas, Deutsche Börse Group and DTCC. The firm said that an additional undisclosed director would be named at a later date.

Masters said in a statement:

“Our strategic investors have come together from across the financial services industry to help drive global adoption of transformative solutions which enhance the vital services that they provide.”

One of the firms contributing to the round – the Australian Stock Exchange (ASX) – announced that it would receive a new post-trade settlement system developed by Digital Asset that will utilize a distributed ledger. According to Bloomberg, ASX contributed more than $10m to the round in exchange for a 5% stake.

Elmer Funke Kupper, the CEO of ASX, who has spoken in the past about the exchange’s exploration of distributed ledgers, said in a statement that he expects the technology to help his firm cut market costs. ASX had previously announced plans to overhaul its tech over the next few years.

“It could stimulate greater innovation by ASX and other providers of services to issuers, investors and intermediaries. ASX and Digital Asset will work together to design a solution and share the potential benefits with clients and regulators,” he said.

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