The funding will go toward growing initiatives and future product improvements to narrow the gap between digital and traditional finance.
On May 24, a Singapore-based private market exchange ADDX bagged $58 million from several Asia organizations. According to a statement, ADDX raised tens of millions of dollars through pre-Series B funding round from companies such as UOB, Krungsri Bank, Hamilton Lane, and the Stock Exchange of Thailand (SET).
As implied, ADDX implements smart contracts and blockchain technology to fractionalize and tokenize private markets, such as hedge funds, bonds, private equity, and pre-IPO equity, reducing the minimum investment sizes from $1M to $10,000. The ensuing efficiencies assist in providing the benefits of private market investing to consumers while decreasing the cost and fundraising threshold for issuers.
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The existing shareholders of ADDX include SGX, DBJ, JIC-VGI, Heliconia Capital, Tokai Tokyo Financial Holdings, Hanwha Asset Management, and Kiatnakin Phatra Financial Group.
In addition, the market exchange also aims to move some of the funds to other objectives. For instance, to support the rollout of a robust digital token exchange ADDX Advantage and grow relationships with issuers.
CEO of ADDX Oi-Yee Cho stated that this pre-Series B funding round positions ADDX for long-term success. He continued and said:
“ADDX is on a mission to democratise the private markets. The sizeable investment from SET, UOB, Hamilton Lane and Krungsri serves as a ringing endorsement for ADDX’s business model, the team we have assembled and the broader vision we have for transforming the capital markets and the wealth management industry.”
Hamilton Lane, Krungsri, SET, and UOB is not only considered capital partners, but also key shareholders.
“Our corporate clients will be able to tap new fund-raising channels, while our accredited investor clients will gain access to alternative investments in tokenised assets,” UOB's head of corporate banking Singapore Leong Yung Chee commented on the partnership.
ADDX, founded in 2017, is a capital markets platform that employs blockchain and smart contract technology to tokenize and fractionalize multiple types of assets, including private equity.
On May 17, a global fintech company Elwood Technologies closed a $70 million Series A funding round as the company is ready to take the next step “to provide broader mass market involvement.”
