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Singapore Blockchain-Based Securities Exchange Scores $20 Million In KB Securities-Led Funding

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Singapore-based ADDX, 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 billionaire Wee Cho Yaw’s United 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…

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