Digital Asset, the blockchain start-up backed by Goldman Sachs and run by former J.P. Morgan executive Blythe Masters, has purchased a Swiss-based tech firm.

No financial terms were disclosed, but a statement on Wednesday said the acquisition of Elevence adds “complementary technology” and bolsters Digital Asset’s development team.

Blockchain, a distributed ledger system, is increasingly seen as the technology which will revolutionise the creation and transfer of financial products and agreements.

Many argue that settlements, reconciliations and a host of other back office functions can theoretically move to a blockchain, cutting costs while keeping confidentiality.

US post-trade giant DTCC is developing a blockchain technology tool with Digital Asset managing the clearing and settlement of repo transactions.

It has also been involved in a blockchain test handling the post-trade elements of US credit default swaps has been hailed as a success by the major banks and tech firms involved.

Swiss-based Elevence has been working on two key technologies since 2014.

One is a distributed solution of partially shared cryptographic digital ledgers.

The second is scalable contract centric ledger, capable of modelling transactions of any contract, including  payments, collateral, structured loans, securities and derivatives.

“With this acquisition, we will harness the power of Elevence’s technology and its team of talented individuals to enhance our offering for the financial services industry,” said Blythe Masters.

“The resulting Digital Asset platform is specifically designed to address financial services applications requiring automation, privacy and immutability.”