Digital Asset has announced a new set of tokenization tools designed to accelerate the transition to tokenized assets. Digital Asset states that Daml, its in-house smart contract platform, now powers Daml Finance, an open-source offering, that aims to speed up the development of “enterprise-grade tokenization solutions.”
According to Digital Asset, Daml Finance will provide financial institutions with the ability to shorten time-to-market, and build with tools purpose-built for financial workflows. The libraries can be used to create extensible tokenization solutions across a variety of asset classes.
The company said that Daml Finance is available today and is already in use with many financial institutions and market infrastructures.
Jens Hachmeister, Head of Issuer Services & New Digital Markets at Clearstream, said that as a provider of financial market infrastructure, cutting-edge technology is key for digitizing their industry.
“We welcome the newest addition of Daml Finance to Digital Asset and are excited to continue to drive tokenization in financial services jointly.”
Digital Asset reports that “momentum has continued” for users of its Daml tech for financial firms. Daml 2.0 was released earlier this year with Canton, a “privacy-enabled blockchain platform.”
Eric Saraniecki, Head of Strategic Initiatives at Digital Asset, said they are taking a different approach with tokenization as they use smart contracts for the entire lifecycle of the asset:
“Only Daml Finance can model complex use cases with full composability and settlement finality. Many other solutions only tokenize asset ownership, which is one part of the lifecycle process. With Daml Finance’s extensive asset modeling capabilities, market participants can fast-track development efforts, creating new revenue channels by getting these solutions to market faster.”
Digital Asset aims to modernize legacy financial systems with Daml.