Singapore’s Digital Asset Exchange DigiFT Closes US$10.5M Pre-series A

Singapore’s Digital Asset Exchange DigiFT Closes US$10.5M Pre-series A

by February 28, 2023

DigiFT, a decentralised digital asset exchange (DEX) for asset-backed tokens (STO), has closed a US$ 10.5 million Pre-Series A funding round led by Shanda Group, global privately-owned investment group.

Other investors include HashKey Capital, Hash Global, Xin Enterprise, the Co-founder of Fosun Group as well as North Beta Capital.

DigiFT said that the new funds will be used to support its license applications in Asia, the Middle East and Europe, go-to-market plans, and technology development. The firm added that plans for its team’s expansion is also in the pipeline.

Founded in 2020, DigiFT is a DEX in the Monetary Authority of Singapore (MAS) Fintech Regulatory Sandbox.

It aims to provide regulated decentralised finance solutions on the Ethereum public blockchain offering, an Automatic Market Making (AMM) mechanism that facilitates secondary trading liquidity for security tokens backed by financial assets such as bonds and equities.

Henry Zhang

Henry Zhang

“We are encouraged by investors’ confidence in our vision to be a regulated DeFi exchange. The industry has been through a tough time in the past year.

 

This fundraise is a testament that this industry has huge potential if the gap between traditional finance and Web3 can be bridged. We look forward to further working with regulatory bodies to steer our industry in the right direction,”

shared Henry Zhang, Founder and CEO of DigiFT.