Binance Asia Services Snaps up 18% Stake in Hg Exchangeby Fintech News Singapore December 8, 2021
Binance Asia Services, the blockchain ecosystem and cryptocurrency provider behind Binance.sg, announced that it has snapped up an 18% stake in Hg Exchange (HGX).
HGX is a member-driven private securities exchange, founded by financial institutions such as PhillipCapital, PrimePartners, and Fundnel, and powered by Zilliqa’s high performance blockchain.
Earlier this year, HGX was granted a Recognised Market Operator license by the Monetary Authority of Singapore.
In addition to shares in private companies, HGX is working to list alternative assets including wines, art and real estate.
Richard Teng, CEO of Binance Singapore said,
“Through this investment, we seek to work with HGX in enhancing offerings of products and services supported by blockchain technology.
In Singapore, we continue to work closely with key government agencies such as the EDB to support the growth of the blockchain ecosystem and development of requisite local talent needed.”
Featured image: Edited from Unsplash