Digital Asset Holdings has announced it intends to open-source DAML, the smart contracting language it acquired from startup Elevence earlier this year.

Though no date has been set for the transition, the Blythe Masters-led blockchain startup credited its bid to "advance industry adoption" of the tech as the impetus for the move.

However, Digital Asset said work needs to be done to increase DAML's functionality and documentation so that it is ready for use outside the startup.

The company wrote:

Elsewhere, Digital Asset Holdings hinted at the collapse of The DAO, a smart contract created using ethereum's Solidity language, in assertions that available tools are not adequate for business or industry needs.

The move comes amid a larger drive by financial institutions and startups to explore and develop new smart contracting languages.

In August

, Barclays revealed it is working with University College London on a smart contracting language, while startups like Legalese have won grants to continue development of new alternatives.

Code image via Shutterstock