The Australian Securities Exchange (ASX) disclosed in its annual performance announcement that from 2016 to the end of June 2022, the exchange has spent $150 million on the blockchain stock settlement system (CHESS settlement system), which does not include its Investment from software developer Digital Asset. ASX holds a 5.4 percent stake in Digital Asset worth A$34.6 million ($24 million), valuing the startup at $443 million. Digital Asset's DAML smart contract language will be used in CHESS, the Australian Securities Exchange's blockchain settlement system, with VMware Blockchain providing the distributed ledger technology.