Digital securities platform ADDX raises $58 million

ADDX, a Singapore-based trading platform for digital securities, announced a $58 million pre-Series B funding round this morning.

New shareholders in the business include SET Venture Holding, a subsidiary of the Stock Exchange of Thailand; UOB; Hamilton Lane; and Krungsri Finnovate. No valuation was disclosed.

The money will go toward growing the company and geographic expansion, according to a press release. ADDX has several initiatives in the pipeline, including some aimed at bridging the gap between traditional finance operators and those in digital assets.

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The firm uses blockchain technology to fractionalize investments in privately held shares, hedge funds, bonds, and other asset classes.

ADDX has been granted licenses by the Monetary Authority of Singapore (MAS) for the issuance, custody and secondary trading of digital securities.

It has raised around $120 million to date, a big chunk of which came in a $50 million Series A round in January 2021. Singapore Exchange and Heliconia Capital, a subsidiary of the sovereign wealth fund Temasek, are shareholders in the firm.

“ADDX is on a mission to democratise the private markets,” said Oi-Yee Choo, CEO of ADDX, in a statement. “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.”