Digital Securities
1X Launches as First Licenced Private Securities Exchange in Singapore
1exchange (1X) Launches
One of the world’s first regulated, and licensed, private securities exchange, 1exchange (1X), has now launched.
1exchange is a Singaporean company, which has built their exchange on the Ethereum network. This platform has notably gained the support of major players such as the Singapore Exchange (SGX), CapBridge, ConsenSys, and more.
The launch of this platform provides the ability for SMEs to gain easier access to capital, as well as providing investors with greater liquidity and returns on their holdings.
First out of the Gates
With the platform going live, investors didn’t have to wait long to find out the first supported asset on the platform. This would be Aggregate Asset Management (AAM) – a Singapore based fund Management Company.
This marks the first of many anticipated securities to be traded on the platform in the near future. Companies listing securities on the platform are eligible to list up to 30% equity shares. For AAM this represents $5.6 million SGD being available for trading on 1exchange.
Commentary
Representatives from the various companies involved in this endeavour took the time, at a recent launching ceremony in Singapore, to comment on the development. The following is what a few of these individuals had to say regarding the event.
Mohamed Ismail, Senior VP & Head Equity Capital Markets, SGX, stated,
“We recognise that companies in an earlier growth stage may need access to capital before they are ready for a public listing. We supported 1exchange to create a virtuous ecosystem of capital flow catering to companies in the mid-late stages of growth, adding to the vibrancy of the capital markets in Singapore. With 1exchange, companies such as Aggregate Asset Management now have more fundraising options, as well as a means to provide shareholders and other interested investors a market for these tradeable private equities. We are pleased to support this pipeline of private listings and look forward to helping companies prepare for an eventual public listing when they are ready.”
Kevin Tok, Co-founder of Aggregate Asset Management, stated,
“When we founded our company, we were among the very first fund managers not to charge a management fee. Today, we are again breaking new ground and making history as Singapore’s first privately-listed company on 1exchange. This private listing kicks off the next chapter of growth for us, and we look forward to bringing more value to our unitholders and shareholders.”
Choo Haiping, CEO of 1X, stated,
“1X is grateful for the support of our many stakeholders, including regulators, SGX, our partners in the financial industry, and the companies and investors who continue to believe in our mission to create a dynamic and vibrant private capital market through tradeable private equities.”
1exchange
1exchange (1X), is a Singaporean company, which was founded in 2018. Upon receiving a ‘recognised market operator’ licence from the Monetary Authority of Singapore (MAS), 1exchange was able to develop and offer their services. This made the company the first, and currently sole, securities exchange within the nation.
CEO, Choo Haiping, currently oversees company operations.
ConsenSys
ConsenSys is a software company, based out of New York, which was founded in 2014. Above all, ConsenSys works to provide companies with solutions built on the Ethereum network. ConsenSys notably provided the technical assistance needed by 1exchange throughout the development process of this trailblazing exchange.
Singapore Exchange
The Singapore Exchange (SGX) is a leading exchange that has played an active role in the development of various companies involved with digital securities. The SGX is not only an investor in 1exchange, but acts as a strategic partner in their operations, as well.
In Other News
While 1exchange may be the first of its kind in Singapore, there are various other companies working to launch similar products in other parts of the world. Here are a few examples of exchanges which either have launched, or are expected to launch in the near future.
Gemini Exchange Applies for Broker-Dealer License
BnkToTheFuture to Utilize Altcoin.io for Security Token Exchange
