Singapore fintech and private market exchange ADDX has sold a stake to KB Securities, a subsidiary of KBFG, the largest banking group in Korea.
The acquisition was part of a US$20 million funding round completed by the exchange.
It brings total funding for ADDX to around $140 million.
The capital will be used to develop the company’s wealth management platform, ADDX Advantage, which was launched earlier this year and targets Singapore’s private banking and family office sectors.
ADDX is also hoping to use some of the funds to further its global expansion plans and secure licences in markets other than Singapore.
The exchange is one of a number of fintechs hoping to capitalise on the growing demand for private assets by using blockchain technology to make the assets more accessible.
Oi-Yee Choo, CEO of ADDX said: “The fundamental design of private markets – how and to whom securities are distributed, and whether secondary trading is facilitated – has transformed more over the past two years than it has over the two decades before that.”
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