%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Cryptoprowl / Galaxy Digital (NASDAQ: $GLXY ) has led a new funding round in blockchain startup company Fence, investing $20 million U.S. Fence claims to use blockchain behind the scenes to automate and improve the $6 trillion U.S. asset-backed finance market, where many deals still rely on labour-intensive manual workflows. Specifically, Fence is building software to automate many of the processes associated with structured credit deals. The functions to be automated include tracking loan pools to verifying collateral and moving cash from bank-to-bank. Many of those processes still rely on spreadsheets, PDFs and emails, says Fence. The current situation slows transactions and leaves investors with limited visibility into the process. Fence plans to replace those processes with a single system that updates data in real time, cutting costs in the process. The startup says it is using blockchain to enhance the back-end plumbing on finance deals. The company can also tokenize lender positions in financing vehicles and, in some cases, the underlying loans and invoices. The company says it now oversees about $1.5 billion U.S. in assets across its platform, working with firms such as BlackRock (NYSE: $BLK ). The latest funding round that includes Galaxy Digital's $20 million U.S. investment will help Fence to expand and build out its products, said the company in a written statement. GLXY stock has risen 73% in the last 12 months to trade at $26.36 U.S. per share.