Singapore’s ADDX, the exchange for tokenized securities, has attracted investment from Korea’s KB Securities, a subsidiary of KB, Korea’s largest bank. The funding is part of its $20 million extended pre-Series B round. In May, the company announced a $58 million round that included new investors such as the Thai stock exchange SET, Thailand’s third-biggest bank Krungsri as well as Hamilton Lane and UOB. Cumulative venture backing totals $140 million.
The latest addition joins a long list of big name investors, including the Singapore Exchange (SGX) and state-owned Temasek’s investment arm Heliconia Capital. Its backers extend to Japan and Korea, such as the Development Bank of Japan, Tokai Tokyo Financial and Korea’s Hanwha Asset Management, amongst others.
Some of the funds will go towards extending ADDX Advantage, the firm’s wealth management platform for banks and intermediaries. It also plans to expand geographically and look for additional licenses beyond its Singapore registration.
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