Reliance Industries Limited, an Indian conglomerate holding company, has acquired a 5.56% equity stake in Vakt Holdings Limited (VHL), a UK-based blockchain startup. The deal was finalized for an amount of $5 million.

The acquisition will help Reliance to step into the cryptocurrency market as VHL is planning to begin its energy-focused blockchain project in 2019. The startup is looking forward to building a secure and trusted blockchain-powered ecosystem for digitizing the global commodities trading industry.

The company has stated that the acquisition is a strategic investment that will boost Reliance’s digital journey by enabling it to be a part of the emerging blockchain enabled solution designed for energy markets.