Galaxy Digital leads $20 million investment in Fence to overhaul back end of $6 trillion credit market

Startup Fence uses blockchain technology and tokenization in the background to automate processes that many asset managers still rely on manual workflows. What to know : Fintech firm Fence raised $20 million in a funding round led by Galaxy Digital to modernize the largely manual $6 trillion asset-backed finance market. The startup uses blockchain, smart contracts and tokenization behind the scenes to automate loan tracking, reporting and payments, but it doesn't want to be seen as a "blockchain company," CEO Juan Montero said. The company works with major clients such as BBVA, BlackRock and Fortress, and plans to use funds for expanding in the U.S.