ADDX (旧 iStox): プライベートマーケットトークン化のリーダー

iStox から ADDX: シンガポール成功物語

In the early days of the security token revolution, forming partnerships to expedite development was crucial. One of the most significant collaborations emerged in Singapore between a fintech startup, the Singapore Exchange (SGX), and Heliconia Capital Management.
Originally known as iStox, the platform officially rebranded to ADDX in 2021年5月. Today, it stands as one of the world’s largest and most active fully regulated private market exchanges, using blockchain technology to democratize access to institutional-grade assets.

プラットフォーム: プライベートマーケットの民主化

ADDX was built with a clear mission: to solve the liquidity and access problems inherent in private markets. Historically, investing in private equity, hedge funds, or pre-IPO unicorns required millions of dollars in capital and established connections.
By utilizing blockchain and smart contract technology, ADDX fractionalizes these heavy assets. This allows the platform to reduce minimum ticket sizes from the traditional $1 million to as low as $10,000. This efficiency opens the door for “accredited investors” to build diversified portfolios previously reserved for ultra-high-net-worth individuals and institutions.

規制上のマイルストーン

The original launch was predicated on regulatory approval, a hurdle many competitors failed to clear. ADDX, however, successfully graduated from the Monetary Authority of Singapore (MAS) Fintech Sandbox in early 2020.
It is now fully licensed as a Recognized Market Operator (RMO) and holds a Capital Markets Services (CMS) license. This regulatory moat ensures that all issuances on the platform—ranging from commercial paper to real estate funds—adhere to the strict standards of the Singapore Securities and Futures Act.

支援者のパワーハウス

While the initial partnership with SGX and Heliconia laid the foundation, the ADDX ecosystem has expanded to include some of the biggest names in Asian and global finance.

• Singapore Exchange (SGX): 初期の支援者として、SGXは市場インフラに関する豊富な経験をもたらしました。元SGXエグゼクティブ・バイスプレジデントのChew Sutatは、プラットフォームがシンガポールの資本市場エコシステムに活気を与えると指摘しました。
• Heliconia Capital Management: Temasek Holdingsの子会社であるヘリコニア・キャピタル・マネジメントは、潜在力の高いシンガポール企業への投資に注力しています。彼らの関与により、ADDXは従来の資本市場における「潜在的なディスラプター」としての正当性が確認されました。
• New Strategic Partners: 近年、株主リストはUOB、Stock Exchange of Thailand (SET)、Hamilton Lane、そしてKB Securitiesを含むまで拡大しました。

現在の運営状況

Since its inception, ADDX has surpassed $2 billion in total transaction volume. The platform features a diverse array of issuers, including global heavyweights like Partners Group, Investcorp, and Hamilton Lane.

Unlike the early days when the industry struggled with a “lack of liquidity,” ADDX now operates a functional secondary market. Investors who purchase tokenized fund units can list them for sale on the exchange, providing a liquidity option that traditional private funds typically cannot offer until the fund matures.