DigitalX, a blockchain-based software solutions company, has raised an oversubscribed AU$1.62 million, in which AU$350,000 has been contributed by Australian-based Travers and newly appointed US-based president Neel Krishnan, ZDNet reported.

The announcement comes amid the company’s focus on delivering its AirPocket product, while its co-founders have called it quits at the same time. With the departure of cofounders Alex Karis and William Brindise, existing chairman Leigh Travers will take up the role of CEO.

"Today marks a new chapter for Digital X," Travers said in a statement, as quoted by ZDNet. "We have come a long way from our history as a bitcoin group to now. The major shareholders and founders have been incredibly supportive of these moves, and I am delighted Alex Karis will continue in a formal basis as an advisor to Digital X to cement further key partnerships in the negotiation phase. From here, the pure focus is delivering the AirPocket product and on our mission of delivering low-cost financial services to the people that most require them."

ASX-listed Digital X moved away from bitcoin and rebranded itself in October 2015. However, the company has been facing troubles as is evidenced by $1.2 million loss for the three months ended March 31, 2016 and a $473,000 operating loss for the recent quarter.

"The hack of two bitcoin exchanges saw the decision to suspend all post-paid customers and suspend Market Making operations," DigitalX told shareholders in November.

In May 2015, the startup raised AU$3.5 million to fund the development and roll out of AirPocket – its money transfer and remittance app. It has recently signed an agreement with international remittance company UniTeller for its AirPocket product. Earlier this year, it joined forces with Telefónica to market AirPocket across Latin America.