ADDX, the Asia-focused digital securities exchange, said it had raised $58 million from the Stock Exchange of Thailand (SET), UOB, Nasdaq-listed Hamilton Lane and Thailand’s Krungsri Bank.
The fresh capital will help the digital securities exchange scale up, it said.
ADDX uses blockchain and smart contract technology to tokenise and fractionalise pre-IPO equity, private equity and hedge funds, as well as bonds.
The aim is to reduce minimum investment sizes from $1 million to $10,000, opening markets to a wider pool of investors.
SET is the second stock exchange to join as a shareholder, after Singapore’s SGX.
“This is part of a larger global trend over the past two years of exchanges joining forces in a new capital market landscape that emphasises continuity between the public and private markets,” Oi-Yee Choo, chief executive at the digital securities exchange, said.
SET will now be entitled to appoint an ADDX board member.
“We strongly believe that the collaboration will provide extensive experience, knowledge and more opportunities to Thai capital markets’ stakeholders through the international digital capital markets platform,” SET president Pakorn Peetathawatchai said.
ADDX investors also include Temasek-owned Heliconia Capital, Development Bank of Japan, Japan Investment Corporation, Tokai Tokyo, Kiatnakin Phatra and Hanwha Asset Management.
“The [new investors] have much to contribute in the form of expertise, ideas, market experience and business networks, and ADDX looks forward to adding value to their businesses in return,” Choo said.
- George Russell
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