Chainstack and Digital Asset: making blockchain mainstream
The collaboration means Chainstack and DAML will now provide market-ready strategies that benefit businesses of all sizes, regardless of infrastructure.
Working with DAML (an open-source smart contract language developed by Digital Asset), Chainstack will be able to add the asset to its multi-protocol ecosystem, currently handling multiple cryptocurrencies.
DAML builds connected applications that cover data silos and trust boundaries, altering the way businesses work together across industries. DAML enables developers to work on application logic without the distractions of cloud, blockchain or database technologies.
Chainstack already simplifies the launch and scale of networks and apps for businesses and developers via its blockchain services platform, which also provides predictable pricing, an intuitive user interface and seamless orchestration.
Chris Clason, Director, Strategic Alliances at Digital Assets, explained, “We are excited that Chainstack has integrated DAML into its offering. Developers can now build DAML applications on a very innovative and intuitive platform that supports multiple blockchain networks. Chainstack’s platform-agnostic approach is a great fit for DAML-built applications that can be written once and deployed anywhere."
He added that the addition of DAML on the Chainstack platform now enables enterprises and developers to utilise blockchain applications and networks swiftly, alongside with existing legacy systems.
Eugene Aseev, CTO of Chainstack, commented, “Both Chainstack and Digital Asset are bringing together the most active communities of developers worldwide in the quest for close industry collaborations, innovation and the democratisation of technology. We are excited by the potential of this collaboration and share the common vision of simplifying blockchain deployments for faster business outcomes.”
Fintech Timeline: Tink’s acquisition by payments leader Visa
Tink was founded in Stockholm, Sweden. The company’s integrated, API-based approach was soon met with widespread acclaim for its ability to enhance the customer experience, streamline payments and increase financial transparency.
Through its technology, users can access aggregated financial data, utilise smart finance tools (risk insights, account verification, etc.), and create personal finance management solutions. Tink had become an early leader in a trend still gaining momentum today: Open Banking.
2014 to 2017
The fintech’s Series A, B, and C rounds netted $4mn, $10.2mn, and $14mn respectively. In a short span of time, Tink had already elevated itself to being one of Europe’s leading Open Banking platforms.
- 400 employees
- Serves 18 markets
- Covers over 3,400 banks
- Customer reach of more than 250 million
2018 to 2019
Tink democratised API by launching a platform specifically for developers. This empowered third-parties to create next-gen products for customers.
Furthermore, Tink consolidated its leading position in Europe with expansions in Italy, Portugal, and Spain, as well as appointing former Stripe employee Rafael Plantier as its Country Manager of UK & Eire.
Despite the COVID-19 pandemic, Tink managed to maintain the momentum of the previous year and secured an additional $213mn from two venture capital rounds in January and December.
In May, Tink joined forces with American Express as the latter entered the European Open Banking market. This news was exciting in and of itself, but it paled in comparison to the surprise development on 24 June that Visa had signed an acquisition agreement for the sum of $2.15bn.
“Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe’s open banking goals,” said Al Kelly, CEO and Chairman of Visa. “By bringing together Visa’s network of networks and Tink’s open banking capabilities we will deliver increased value to European consumers and businesses with tools to make their financial lives more simple, reliable and secure.”
“For the past ten years we have worked relentlessly to build Tink into a leading open banking platform in Europe, and we are incredibly proud of what the whole team at Tink has created together,” added Daniel Kjellén, CEO and Co-Founder of Tink.
“Joining Visa, we will be able to move faster and reach further than ever before. Visa is the perfect partner for the next stage of Tink's journey, and we are incredibly excited about what this will bring to our employees, customers and for the future of financial services.
Pictured (left to right): Daniel Kjellén (CEO) and Fredrik Hedberg (CTO)