An Australian blockchain start-up lauded as the future of banking and backed by some of the countrys biggest financial institutions has collapsed.
News.com.au can reveal that Lygon went into liquidation with debts of $14.3 million last year, according to a statutory report lodged with the corporate regulator at the end of 2023.
Lygon, headquartered in Sydney but with subsidiaries in New Zealand and Singapore, had the banking community fawning over it when launched five years ago.
ANZ, CBA, Westpac, IBM and Scentre Group created the company as a joint venture to digitise bank guarantees using blockchain technology.
Bank guarantees are where banks vouch that a business can pay back a debt. Lygon was aiming to make the process less onerous,…