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Digital Asset, the distributed ledger technology company led by Blythe Masters, has raised over $40m (£30m) of Series B financing, and bolstered its executive team with Clyde Rodriguez, former co-CTO of Two Sigma Investments.

The funding came from existing and new investors, led by Jefferson River Capital. The latest round brings the total funding raised by Digital Asset to over $110m as the company expands its global presence.

Joining as Chief Information Officer & CTO of Engineering, Rodriguez said: "Distributed Ledger Technology has the potential to bring greater transparency, security and efficiency to financial services and beyond. We are in the early stages of an important technological transformation that requires strong engineering discipline to deliver credible and practical solutions.

"I am excited to join a world-class team that has the necessary skill and focus required to accelerate these important innovations, while helping our customers embrace the benefits of DLT."

Rodriguez will join Digital Asset's Executive Committee, reporting to CEO, Blythe Masters. He brings more than 20 years of enterprise software and cloud development experience. Rodriguez was an early member of Microsoft's Azure Cloud organisation, having formed and led the Azure Cloud Networking group as General Manager.

Previously, he led the Microsoft Windows Division in creating and delivering the company's first 64-bit Windows Client and Server x64 Edition operating systems.

"Clyde is a respected technology executive with a strong track record of leading engineering teams to develop mission-critical enterprise software that supports hundreds of millions of customers worldwide. The addition of Clyde and the closing of our Series B financing position Digital Asset to capitalise on the enormous opportunities we see," Masters said.