Amsterdam, April 27, 2016 – As part of its Ventures activities, management and technology consultancy BearingPoint recently entered into a transaction with Digital Asset Holdings (Digital Asset), a developer of distributed ledger technology for the financial services industry, whereby BearingPoint transferred its powerful blockchain technology for financial institutions. As part of this transaction, Digital Asset acquired Zurich-based blockchain specialist Elevence Digital Finance AG (Elevence), which was seed-funded by BearingPoint Ventures for developing its blockchain assets.
Early in 2015, BearingPoint incubated the development of an expressive language for financial institutions to model and execute agreements with certainty and finality. The goal of this spin-off was to create a concept for a distributed digital database, authentication system and a basic system implementation (blockchain), and in the long run to offer a market solution. This technology offers the superior benefits needed to establish a new standard in global finance for trading, clearing and settlement of all financial contracts (cash, securities, derivatives, etc.).
Blockchain technology is a potential game changer for global financial markets. The shared ledger technology that underpins bitcoin has the power to transform business models, connect new counterparties and generate sweeping efficiencies. I’m very happy to see how the ecosystem of innovation we created as part of our Ventures strategy achieved global success and once more resulted in a quick response to an imminent challenge of our clients.
Marcel Nickler, Partner and Regional Leader for Central Continental Europe at BearingPoint
About Digital Asset Holdings
Digital Asset builds distributed, encrypted straight through processing tools. Their technology improves efficiency, security, compliance and settlement speed. The New York-headquartered firm has offices in London, Sydney, San Francisco, Zurich, Tel Aviv and Budapest. Since launch, Digital Asset has sought complementary talent and technology by acquiring three other companies: Hyperledger, Bits of Proof and Blockstack. Last year, the firm became a founding premier member of the Linux Foundation’s open source Hyperledger Project, to drive the adoption and standardization of distributed ledger technology.
BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client’s individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world’s leading companies and organizations. Our global consulting network of 9,700 people serves clients in more than 70 countries and engages with them for measurable results and long-lasting success.
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