Adhara is merging with fellow institutional blockchain developer ioBuilders in a move that expands their scale to serve institutions through an expanded product offering. Fnality partner Adhara offers tokenized cash and settlement solutions, whereas ioBuilders has focused on capital markets. The combined company is headquartered in London and profitable with more than 120 staff across offices in London, Spain, South Africa and Singapore.
Both firms were founded in 2018 and have a focus on Ethereum technologies, although ioBuilders also works with Hedera Hashgraph. Each company has worked with numerous banks. Adhara’s biggest customer is Fnality, the wholesale settlement solution owned by 20 institutions. That’s resulted in it working alongside the DTCC, Lloyds and Santander with other projects involving Deutsche Bank and UBS. It also has a contract from the Bank of Spain for a wholesale CBDC and tokenized deposit trial.
ioBuilders with its 80 staff has also partnered several institutions, including the BME stock exchange, IDB and BBVA for a bond issuance, and Renta 4 Banco and Allfunds for fund tokenization. The company is a co-founder of the OpenBrick real estate tokenization solution in which BME’s parent SIX is also an investor.
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