[PRESS RELEASE – Singapore, Singapore, 3rd March 2023]
DigiFT, a Singapore-based decentralized change (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 models: Personal Fairness (Enterprise Capital) Investments, Public Market Investments, Actual Property, and Pure Assets.
Different traders included HashKey Capital, a multi-stage international enterprise capital agency investing in visionary blockchain founders; Hash International, a Web3 enterprise capital agency with workplaces 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 trade.
DigiFT was based in 2020 by Henry Zhang, previously Higher China CEO of East West Financial institution, deputy China CEO of Citibank and Customary Chartered Financial institution, and is helmed by a management group 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 through an Automated Market Making (AMM) mechanism that facilitates secondary buying and selling liquidity for safety tokens backed by monetary property reminiscent of bonds and equities.
Asset house owners can problem blockchain-based safety tokens effectively and cost-effectively. Buyers are additionally capable of commerce with steady liquidity through the AMM mechanism and retain management over digital property in their very own wallets.
Funds from the Pre-Collection A spherical can be used to help license purposes in Asia, the Center East and Europe, go-to-market plans, know-how improvement and to increase the corporate’s innovation capabilities.
Henry Zhang, founder and CEO of DigiFT, stated: “We’re inspired by traders’ confidence in our imaginative and prescient to turn out to be a regulated DeFi change. The trade has been by way of a troublesome time up to now 12 months. This fundraise is a testomony that this trade has enormous potential if the hole between conventional finance and Web3 might be bridged.”
“It offers us the arsenal to remodel the trade and we’re excited to see the place the journey takes us. As a key worldwide monetary hub, Singapore boasts a sturdy authorized framework and authorities help for tokenization with blockchain know-how. We sit up for additional working with regulatory our bodies to steer our trade in the best course.”
Tianqiao Chen, founder, Chairman and CEO of Shanda Group, stated: “DigiFT’s enchantment is their management group’s capacity to grasp the gaps throughout the DeFi trade, and the way they’ve successfully mixed their in depth backgrounds in conventional monetary establishments with a deep data of Web3 monetary companies. They satisfied us that they won’t solely be market leaders, however the market normal for the DeFi trade.”
Plans for brand new hires are within the pipeline with the injection of the contemporary funds to help the expansion of the change. DigiFT will look to convey on board skilled hires that perceive conventional finance in addition to Web3 specialists. These skills might be primarily based both in Singapore or in areas that DigiFT is seeking to increase into.
About DigiFT
DigiFT, based in 2020, is a decentralized digital asset change (DEX) for asset-backed tokens (STO). DigiFT is the primary and solely decentralized digital asset change 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 property.
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