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Startup to be backed by Hatten plans digital securities exchange
BLOCKCHAIN firm ECXX Global, in which property developer Hatten Land is acquiring a 20 per cent stake, is set to launch a digital securities exchange targeted at institutional and accredited, non-individual investors.
In a Tuesday bourse filing, Catalist-listed Hatten said that ECXX has secured admission from the Monetary Authority of Singapore’s (MAS) to the Fintech Sandbox Express, under a recognised market operator regime. The sandbox express programme allows faster testing of products.
ECXX’s upcoming digital exchange, called ecxx.co, will offer blockchain tokens representing asset classes such as real estate, private equity, venture capital and investment funds. The tokens can be traded on a secondary market, the company said.
Separately, ECXX has also applied for a licence under the Payments Services Act, to offer digital payments services.
In June, Hatten announced the proposed investment of US$6 million in ECXX for a 20 per cent equity stake. The deal is still pending completion, Hatten said.
Branson Lee, chief executive of ECXX, said that his company aims to “create asset-based securitised tokens that can be regulated and traded, paving the way for mainstream adoption”.
Shares of Hatten closed flat at S$0.057 on Tuesday.