ADDX, a blockchain and smart contract-based digital securities platform from Singapore elevated $58 million from mainstream banking institutions to finance its objective of reducing minimum private investment sizes via tokenization and fractionalization.
The Financial Authority of Singapore regulates ADDX like a digital securities exchange that aims to democratize private markets. The Pre-Series B funding round saw participation in the Stock Market of Thailand (SET), UOB, Nasdaq-listed Hamilton Lane and Thailand’s Krungsri Bank, that has introduced total funds elevated by ADDX close to $120 million.
As described within the announcement, ADDX uses blockchain technology and smart contracts to tokenize and fractionalize private markets, including pre-IPO equity, private equity finance, and hedge funds and bonds. ADDX can help to eliminate the minimum investment sizes for such private investments through tokenization.
Based on ADDX, the woking platform effectively brings lower private markets’ minimum investment threshold from $a million to $10,000. Additionally, included in the investment, SET becomes titled to appoint a board member for ADDX.
Furthermore, ADDX promises to redirect a few of the latest funding with other proper initiatives, for example expanding the partnerships with issuers and supporting the launch of ADDX Advantage, a personal market service for wealth managers.
Existing shareholders of ADDX include SGX, Heliconia Capital, Development Bank of Japan, Japan Investment Corporation, Tokai Tokyo, japan, Kiatnakin Phatra and Hanwha Asset Management.
Market research conducted by Singapore’s first licensed crypto exchange Independent Reserve revealed tremendous investors’ support in the area, which can be answer to mainstream adoption in the area.
Based on Raks Sondhi, md of Independent Reserve Singapore:
“58% [Singaporeans surveyed] see Bitcoin being an investment asset or perhaps a store of worth.”
While nearly 60% of Singaporean investors envisioned mass-scale adoption of cryptocurrencies in 2021, 15% from the respondents out of this year’s survey have began thinking about Bitcoin (BTC) like a real type of money.