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ADDX Raises $58m, Teams Up With Thai Stock Exchange

ADDX uses blockchain and smart contract technology to tokenise and fractionalise pre-IPO equity, private equity and hedge funds, as well as bonds


Singapore's ADDX will recognise crypto assets in its assessment of high-net worth individuals, becoming the first securities firm to take digital money such as bitcoin into consideration.
ADDX chief executive Oi-Yee Choo said: "Cryptocurrencies are here to stay. They no longer exist only on the fringes of wealth and investment conversations". Photo: ADDX.

 

ADDX, the Asia-focused digital securities exchange, said it had raised $58 million from the Stock Exchange of Thailand (SET), UOB, Nasdaq-listed Hamilton Lane and Thailand’s Krungsri Bank.

The fresh capital will help the digital securities exchange scale up, it said.

ADDX uses blockchain and smart contract technology to tokenise and fractionalise pre-IPO equity, private equity and hedge funds, as well as bonds.

The aim is to reduce minimum investment sizes from $1 million to $10,000, opening markets to a wider pool of investors.

SET is the second stock exchange to join as a shareholder, after Singapore’s SGX.

“This is part of a larger global trend over the past two years of exchanges joining forces in a new capital market landscape that emphasises continuity between the public and private markets,” Oi-Yee Choo, chief executive at the digital securities exchange, said.

SET will now be entitled to appoint an ADDX board member.

“We strongly believe that the collaboration will provide extensive experience, knowledge and more opportunities to Thai capital markets’ stakeholders through the international digital capital markets platform,” SET president Pakorn Peetathawatchai said.

ADDX investors also include Temasek-owned Heliconia Capital, Development Bank of Japan, Japan Investment Corporation, Tokai Tokyo, Kiatnakin Phatra and Hanwha Asset Management.

“The [new investors] have much to contribute in the form of expertise, ideas, market experience and business networks, and ADDX looks forward to adding value to their businesses in return,” Choo said.

 

  • George Russell

 

 

READ MORE:

ADDX Tokenises Private Credit Fund by Temasek-Owned SeaTown

SGX-Backed ADDX Launches Crypto Products, Listing Institutional-Grade Fund

Thailand to Ban Crypto Payments, Citing Threat – Bangkok Post

 

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.