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Monday, January 30, 2023

ADDX bags $58M to reduce min. private investment by 10x via smart contracts

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ADDX, a blockchain and smart contract-based digital securities platform from Singapore raised $58 million from mainstream monetary establishments to fund its purpose of decreasing minimal private investment sizes via tokenization and fractionalization.

The Monetary Authority of Singapore regulates ADDX as a digital securities alternate that goals to democratize private markets. The Pre-Series B funding spherical noticed participation from the Stock Exchange of Thailand (SET), UOB, Nasdaq-listed Hamilton Lane and Thailand’s Krungsri Bank, which has introduced complete funds raised by ADDX to round $120 million.

As defined within the announcement, ADDX makes use of blockchain know-how and smart contracts to tokenize and fractionalize private markets, together with pre-IPO fairness, private fairness, and hedge funds and bonds. ADDX can reduce the minimal investment sizes for such private investments via tokenization.

According to ADDX, the platform successfully brings down private markets’ minimal investment threshold from $1 million to $10,000. In addition, as a part of the investment, SET turns into entitled to appoint a board member for ADDX.

Moreover, ADDX intends to redirect a number of the newest funding to different strategic initiatives, equivalent to increasing the partnerships with issuers and supporting the launch of ADDX Advantage, a private market service for wealth managers.

Existing shareholders of ADDX embody SGX, Heliconia Capital, Development Bank of Japan, Japan Investment Corporation, Tokai Tokyo, Kiatnakin Phatra and Hanwha Asset Management.

Related: Singaporean investors’ appetite for crypto is key to mainstream adoption — Survey

A survey performed by Singapore’s first licensed crypto alternate Independent Reserve revealed super traders’ assist within the area, which could be key to mainstream adoption within the area.

Factors for growing belief amongst Singaporean traders. Source: Independent Reserve

According to Raks Sondhi, managing director of Independent Reserve Singapore:

“58% [Singaporeans surveyed] perceive Bitcoin as an investment asset or a store of value.”

While practically 60% of Singaporean traders envisioned mass-scale adoption of cryptocurrencies in 2021, 15% of the respondents from this 12 months’s survey have began contemplating Bitcoin (BTC) as an actual type of cash.