Alta Acquires Hg Exchange to Provide Tokenisation and Digital Custody Services

Alternative assets marketplace Alta, previously known as Fundnel, has acquired private digital securities exchange Hg Exchange (HGX) to enable it to provide tokenisation and digital custody services.

Alta has generated over US$600 million in transactions, created access to over US$22 billion worth of mandated deals, and facilitated more than 600 transactions for opportunities like SpaceX, Grab, Gojek, and other alternative assets to date.

The deal will see HGX becoming a wholly-owned subsidiary of Alta. HGX received its license to operate from the Monetary Authority of Singapore (MAS) in December 2021 and is partly owned by Binance Asia Services.

Hg Exchange will be renamed Alta Exchange following the acquisition, and will continue to be led by CEO Willie Chang and the existing Hg Exchange team which will be merging and augmenting Alta’s team.

Alta will also list Phillip Securities, Nomura Holdings, Integra Partners, and Prime Partners as shareholders.

“Our acquisition of Hg Exchange marks a new chapter in our journey to revolutionise private markets with a blockchain-powered digital exchange, bringing enhanced access and liquidity to alternative investments for all investors,”

said Kelvin Lee, CEO and Co-Founder of Alta.

“The combination of Alta and Hg Exchange further strengthens our position as a leader in the alternative asset space. As a key and strategic business within the combined group, Alta Exchange is better positioned to attract new listings and member brokers,”

said Lawrence Wong, Chairman of Alta Exchange.