The investment marks an extension of ADDX’s $58 million funding round announced in May.
, which operates a securities exchange powered by blockchain technology, announced on Tuesday that it had secured roughly $20 million in a fundraising round led by KB Securities, the brokerage arm of one of Korea’s largest financial services firms KB Financial Group.
The investment marks an extension of ADDX’s $58 million funding round announced in May that saw the participant from investors including Singaporean billionaireUnited Overseas Bank, U.S. investment firm Hamilton Lane, the Stock Exchange of Thailand and the venture capital arm of Thailand’s Bank of Ayudhya, according to a statement.
ADDX said it will use the additional proceeds to grow its recently-launched institutional wealth management platform. It will also explore possible tie-ups with KB Securities to expand its private-market investment services in Asia, including potential collaborations in Singapore or Korea. ADDX’s blockchain-powered securities exchange allows users to buy and sell private-market investments, such as pre-IPO shares, unicorns, private equities and hedge funds. The company has listed more than 40 deals, including bonds issued by Singapore’s telecom giant Singtel and funds owned by state investor Temasek.
“ADDX has become the focal point for Asian financial institutions that believe in building a new technology-driven infrastructure for private markets, to overcome inefficiencies in the traditional model,” said Oi-Yee Choo, CEO of ADDX, in the statement. “In these volatile times, with many investors waiting by the sidelines for more stability in the financial markets, our ability to raise capital demonstrates the momentum behind ADDX and its mission.
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