ADDX, a blockchain and smart contract-based digital securities platform from Singapore raised $58 million from mainstream financial institutions to fund its goal of reducing minimum private investment sizes via tokenization and fractionalization.<\/p>\n
The Monetary Authority of Singapore regulates ADDX as a digital securities exchange that aims to democratize private markets. The Pre-Series B funding round saw participation from the Stock Exchange of Thailand (SET), UOB, Nasdaq-listed Hamilton Lane and Thailand\u2019s Krungsri Bank, which has brought total funds raised by ADDX to around $120 million. <\/p>\n
As explained in the announcement, ADDX uses blockchain technology and smart contracts to tokenize and fractionalize private markets, including pre-IPO equity, private equity, and hedge funds and bonds. ADDX can reduce the minimum investment sizes for such private investments through tokenization.<\/p>\n
According to ADDX, the platform effectively brings down private markets\u2019 minimum investment threshold from $1 million to $10,000. In addition, as part of the investment, SET becomes entitled to appoint a board member for ADDX. <\/p>\n
Moreover, ADDX intends to redirect some of the latest funding to other strategic initiatives, such as expanding the partnerships with issuers and supporting the launch of ADDX Advantage, a private market service for wealth managers.<\/p>\n
Existing shareholders of ADDX include SGX, Heliconia Capital, Development Bank of Japan, Japan Investment Corporation, Tokai Tokyo, Kiatnakin Phatra and Hanwha Asset Management.<\/p>\n
Related: <\/strong>Singaporean investors\u2019 appetite for crypto is key to mainstream adoption \u2014 Survey<\/em><\/strong><\/a><\/p>\n A survey conducted by Singapore\u2019s first licensed crypto exchange Independent Reserve revealed tremendous investors\u2019 support in the region, which might be key to mainstream adoption in the region.<\/p>\n According to Raks Sondhi, managing director of Independent Reserve Singapore:<\/p>\n \u201c58% [Singaporeans surveyed] perceive Bitcoin as an investment asset or a store of value.\u201d<\/p><\/blockquote>\n While\u00a0nearly 60% of Singaporean investors envisioned\u00a0mass-scale adoption of cryptocurrencies in 2021,\u00a015% of the respondents from this year’s survey have started considering Bitcoin (BTC<\/a>) as a real form of money.<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/c82f8f11-cc75-4630-9bd7-3a83fc70e760.png\")