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Davis Polk Advises Investors in Funding Round for Digital Asset Holdings, LLC

Davis Polk advised ABN AMRO and Citigroup in connection with their investment in Digital Asset Holdings, LLC (DAH) in a funding round exceeding $50 million with 10 other leading international financial institutions. The transaction closed on January 21, 2016 and the terms of the transaction were not disclosed.

Davis Polk also advised ASX Limited in connection with its investment in DAH.

DAH is a technology startup company, led by former JPMorgan Chase executive Blythe Masters, whose mission is to improve efficiency, security, compliance and settlement speed in financial transactions while reducing costs through the implementation of its Distributed Ledger Technology. ABN AMRO is a leading Dutch bank servicing retail, private and corporate banking clients with a primary focus on the Netherlands and with selective operations internationally. Citigroup is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. ASX Limited operates Australia’s primary securities exchange, the Australian Securities Exchange, and offers a full suite of services, including listings, trading, clearing and settlement, across a comprehensive range of asset classes.

The Davis Polk corporate team representing ABN AMRO and Citigroup included partner Louis L. Goldberg, counsel Ajay B. Lele and associate Gary Pong. Partner John L. Douglas and associate Reuben Grinberg provided financial regulatory advice. Partner Pritesh P. Shah provided intellectual property and technology advice. Counsel Craig A. Phillips and associate Alexander Wu provided tax advice.

The Davis Polk team representing ASX Limited included partners Annette L. Nazareth and Byron B. Rooney.

Members of the Davis Polk teams are based in the New York, Washington DC and Northern California offices.