ADDX, a Singapore-based trading platform that trades digital securities, has announced a pre-Series A funding round of $58 million this morning.
New shareholders include SET Venture Holding (a subsidiary of UOB; Hamilton Lane; Krungsri Financenovate); and UOB. There was no valuation.
According to a press release, the money will be used for company growth and geographical expansion. ADDX is working on several initiatives, including one that bridges the gap between traditional financial operators and digital asset investors.
Blockchain technology is used by the firm to fractionally invest in private shares, bonds, hedge funds, and other asset types.
The Monetary Authority of Singapore (MAS), has granted licenses to ADDX for the issuance, custody, and secondary trading of digital securities.
The company has raised approximately $120 million so far, with a large portion of that coming in a $50 million Series B round in January 2021. The firm’s shareholders include Singapore Exchange and Heliconia Capital (a subsidiary of sovereign wealth fund Temasek).
Oi-Ye Choo, CEO at ADDX, stated that ADDX was on a mission “to democratise private markets.” The new shareholders are not just capital partners but strategic partners. They bring a lot of value in the form market knowledge, business experience, and expertise. ADDX is looking forward to adding value for their businesses.