SINGAPORE, Aug 4, 2020 - (ACN Newswire) - ECXX Global Pte. Ltd. (ECXX), a pioneer in operating digital asset exchange using blockchain technology, is pleased to announce that it has secured admission by the Monetary Authority of Singapore (MAS) to the Fintech Sandbox Express as a Recognised Market Operator (RMO).*
With the approval, ECXX targets the launch of blockchain-based digital securities exchange platform ecxx.co, which offers various asset-based digital securities such as real estate, private equity, venture capital and investment funds to institutional and accredited non-individual investors.
These digital securities could represent a share in the ownership of a real estate, a share in the ownership of a company or participation in an investment fund, and can then be traded on a secondary market. Tokenisation of assets refers to the process of issuing a blockchain token (specifically, a security token) that digitally represents a real tradable asset (such as real estate) - in many ways similar to the traditional process of securitisation.
With its own in-house proprietary system, ECXX has been operating a digital asset exchange that allows both professional traders and retail investors to buy, sell and store digital assets. Its digital exchange platform is integrated with MyInfo, the one-stop Singapore government identity platform, which allows seamless Know-Your-Customer checks on members of MyInfo, who can log-in to ECXX's digital asset exchange using their SingPass.
ECXX has also applied for a license under the Payment Services Act and once approved, it will be the first exchange in Singapore to offer both digital payment tokens and digital securities under two different platforms.
Commenting on this milestone, Mr Branson Lee, Chief Executive Officer of ECXX, said: "There are a multitude of applications of blockchain technology within the financial industry, and the tokenisation of assets has the potential to fundamentally change how we invest in assets.
"With S$3.4 trillion of assets under management in Singapore, we aim to utilise the Recognised Market Sandbox admission to develop our securities exchange platform and create asset-based securitised tokens that can be regulated and traded, paving the way for mainstream adoption."
Led by an experienced management team well versed in digital assets and the blockchain ecosystem, ECXX has been backed by prominent venture capital firms CapitalX, Epsilon Investment, Ariki Asia and ChainUp. In June 2020, Hatten Land announced a proposed investment of US$6 million for a 20% equity stake in ECXX.
Issued on behalf of ECXX Global Pte. Ltd. by 8PR Asia Pte Ltd.
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Topic: Press release summary
Sectors: Exchanges & Software, Daily Finance, Real Estate, FX & Digital Currencies, FinTech & Blockchain
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