Fnality partner Adhara is merging with fellow institutional blockchain developer ioBuilders in a move that expands their scale to serve institutions through an expanded product offering. Adhara offers tokenized cash and settlement solutions, whereas ioBuilders has focused on capital markets. Both firms 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. Industry investors see the combination as strategically significant. “This is the leading bank-to-bank blockchain software provider globally – ready to replace incumbents,” said Gerrit Seidel, General Partner at Yabeo which co-led Adhara’s 2021 Series A funding.