Digital Securities
Singaporean Digital Securities Exchange ‘ADDX’ Attracts $58M in Funding
ADDX is a digital securities exchange operating out of, and within, Singapore. The company boasts various licensing from the Monetary Authority of Singapore, which allow for it to offer comprehensive services surrounding the lifecycle of digital securities.
As the company looks to expedite its growth trajectory, it recently commenced a pre-series B funding round. More specifically, ADDX notes that this round was undertaken with the goal of not only partnering with shareholders on strategic projects, but to continue establishing itself as the largest exchange of its kind within Asia.
ADDX was originally known as ‘ISTOX' when it launched in 2017. In May of 2021, the company underwent a full rebranding as its goals expanded in time to include the ‘democratising of capital markets'.
Details of the Raise
In this most recent round of funding, ADDX successfully brought in $58M. Those who took part include SET Venture Holding, UOB, Hamilton Lane, and Krungsri Finnovate – each showing a strong belief in not only ADDX, but digital securities as a whole.
Overall, this funding builds upon a previous $62M, and brings the total amount raised to date by the company up to an impressive $120M.
Commentary
Upon announcing its success in attracting its latest $58M in funding, ADDX CEO, Oi-Yee Choo, took the time to comment. She states,
“ADDX is on a mission to democratise the private markets. The sizeable investment from SET, UOB, Hamilton Lane and Krungsri serves as a ringing endorsement for ADDX’s business model, the team we have assembled and the broader vision we have for transforming the capital markets and the wealth management industry. The new shareholders aren’t just capital partners, but strategic partners too. They 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. This Pre-Series B round sets ADDX up strongly for long-term success.”
Meanwhile, Hamilton Lane Vice Chairman and Head of Strategic Initiatives, Erik Hirsch, elaborated on what this investment means for itself and individual investors, stating,
“The ADDX platform is delivering transformative technology to a broad array of individual investors seeking access to the private markets. They are well positioned in the digital securities space and Hamilton Lane is excited to have participated in this latest fundraise. This investment highlights our conviction around the attractive opportunity in providing private market investments to the non-institutional channel, expands our presence in Asia and allows us to join some of the leading institutions in that region in support of ADDX.”
Previous Funding
As indicated above, this is just the latest example of funding being generated by ADDX. Those investors which most recently took part now join an impressive stable of shareholders, which include companies such as,
- Singapore Exchange (SGX)
- Heliconia Capital
- Development Bank of Japan
- Japan Investment Corporation
- Tokai Tokyo Financial Holdings
- Kiatnakin Phatra Financial Group
- Hanwha Asset Management
When looking at the growing list of companies that believe in ADDX, it is clear that the exchange has its sights set on much more than just Singapore. With investors based in Japan, Thailand, and more, ADDX appears well on its way towards achieving its goal of being the largest exchange of its kind in Asia.
Growing Partnerships
In addition to boasting substantial funding, ADDX has caught our attention on various occasions over the past few years, as it continues to establish strategic partnerships – some of which are between itself and its shareholders. The following are a few examples of this, highlighting the companies helping grow the capabilities of ADDX.
While digital securities remain niche within the broader digital assets market, their potential is enormous. Hopefully, with help of companies like ADDX expanding operations, we will see this potential realized in the coming years.
