[PRESS RELEASE – Singapore, Singapore, 3rd March 2023]
DigiFT, a Singapore-based decentralized trade (DEX) for asset-backed tokens (STO), has accomplished a Pre-Collection A funding spherical, securing US$10.5 million.
The funding spherical was led by Shanda Group, a worldwide privately-owned funding group based by Chinese language on-line leisure pioneer Tianqiao Chen and household in 1999. Shanda Group’s enterprise is segmented into 4 items: Personal Fairness (Enterprise Capital) Investments, Public Market Investments, Actual Property, and Pure Sources.
Different buyers included HashKey Capital, a multi-stage international enterprise capital agency investing in visionary blockchain founders; Hash International, a Web3 enterprise capital agency with places of work in Singapore and Shanghai; Xin Enterprise Pte. Ltd., a Singapore funding agency wholly owned by Liang Xinjun, co-founder of Fosun Group; and North Beta Capital, an eco-building agency within the digital know-how business.
DigiFT was based in 2020 by Henry Zhang, previously Higher China CEO of East West Financial institution, deputy China CEO of Citibank and Normal Chartered Financial institution, and is helmed by a management staff with in depth expertise in monetary establishments and fintechs. With a imaginative and prescient to bridge the hole between centralized and decentralized finance, DigiFT is the primary and solely DEX enrolled within the Financial Authority of Singapore (MAS) FinTech Regulatory Sandbox.
It goals to supply regulated decentralized finance options on the Ethereum public blockchain by way of an Automated Market Making (AMM) mechanism that facilitates secondary buying and selling liquidity for safety tokens backed by monetary belongings corresponding to bonds and equities.
Asset house owners can difficulty blockchain-based safety tokens effectively and cost-effectively. Traders are additionally capable of commerce with steady liquidity by way of the AMM mechanism and retain management over digital belongings in their very own wallets.
Funds from the Pre-Collection A spherical will likely be used to assist license functions in Asia, the Center East and Europe, go-to-market plans, know-how growth and to broaden the corporate’s innovation capabilities.
Henry Zhang, founder and CEO of DigiFT, stated: “We’re inspired by buyers’ confidence in our imaginative and prescient to grow to be a regulated DeFi trade. The business has been by means of a troublesome time up to now 12 months. This fundraise is a testomony that this business has big potential if the hole between conventional finance and Web3 might be bridged.”
“It offers us the arsenal to remodel the business and we’re excited to see the place the journey takes us. As a key worldwide monetary hub, Singapore boasts a strong authorized framework and authorities assist for tokenization with blockchain know-how. We look ahead to additional working with regulatory our bodies to steer our business in the proper path.”
Tianqiao Chen, founder, Chairman and CEO of Shanda Group, stated: “DigiFT’s attraction is their management staff’s capacity to grasp the gaps throughout the DeFi business, and the way they’ve successfully mixed their in depth backgrounds in conventional monetary establishments with a deep information of Web3 monetary companies. They satisfied us that they won’t solely be market leaders, however the market normal for the DeFi business.”
Plans for brand new hires are within the pipeline with the injection of the contemporary funds to assist the expansion of the trade. DigiFT will look to carry on board skilled hires that perceive conventional finance in addition to Web3 consultants. These skills might be primarily based both in Singapore or in areas that DigiFT is seeking to broaden into.
About DigiFT
DigiFT, based in 2020, is a decentralized digital asset trade (DEX) for asset-backed tokens (STO). DigiFT is the primary and solely decentralized digital asset trade enrolled within the Financial Authority of Singapore (“MAS”) FinTech Regulatory Sandbox. It goals to supply regulated decentralized finance options on the Ethereum public blockchain providing an Automated Market Making (AMM) mechanism that facilitates secondary buying and selling liquidity for safety tokens backed by monetary belongings.
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