In one of the biggest real-world commercial deals by a blockchain platform, Fusion has attracted $12.3 billion in assets to its blockchain platform. Based in Singapore, the platform allows companies from diverse industries to digitise their assets and automate complex transactions.
Fusion has signed agreements with asset manager FormulA, car financing company Carnex, and supply chain operator KuaiLaiCai. The three companies will see their assets managed by smart contracts on Fusion’s blockchain.
The Next Generation of Smart Contracts
Fusion, which is often compared to Wanchain, operates as a cross-chain protocol, so multiple tokens can be mapped to its blockchain and smart contracts can include several different crypto assets.
The platform has also recently introduced a “Time-Lock” function which allows the time value of money, or other assets, to be incorporated within smart contract parameters.
Fusion’s hope is that as more businesses lock assets to the chain to automate their processes, the synergies will allow costs savings to compound. This, in turn, would make the chain more attractive to other potential users.
Fusion raised $62 million during its token sale in February, with $50 million of that amount having been raised in less than twenty-four hours, and now carries a token market capitalisation of $163 million.