ADDX (formerly iSTOX), the Singapore-regulated exchange for blockchain-based security tokens, has raised $58 million (USD) bringing its cumulative funding to almost $120 million. Major new investors in the pre-Series B round include the venture arms of Thai stock exchange SET and Thailand’s third-biggest bank Krungsri as well as Hamilton Lane and UOB. Singapore Bank UOB recently partnered with ADDX to issue a $100 million tokenized bond for SingTel.
The digital securities startup already has a high profile set of investors across Asia, including the Singapore Exchange (SGX) and state-owned Temasek’s investment arm Heliconia Capital. Its backers extend to Japan and Korea, including the Development Bank of Japan, Tokai Tokyo Financial and Korea’s Hanwha Asset Management, amongst others.
A key aim of tokenization is to lower the barriers to entry, making it less expensive to raise funds and reducing the minimum investment amount. Assets tokenized include private company equity, bonds, hedge funds and real estate, and ADDX processed $150 million in transactions in 2021.
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