Hg Exchange, a regional blockchain-based securities company, has been purchased by Fundnel, a Singapore-based marketplace for alternative assets (HGX). Additionally, Fundnel recently changed its name to Alta.
The acquisition, according to a statement from Alta, would facilitate tokenization and digital custody of alternative assets, making trading them more affordable and quicker.
After the transaction, HGX will change its name to Alta Exchange and join Alta as a subsidiary. Willie Chang, the current CEO of HGX, will oversee Alta Exchange together with his present team, which will eventually become part of Alta’s staff.
The 2016-founded Alta platform allows users to buy, sell, and invest in a variety of alternative assets, such as real estate, early and late-stage companies, private equity and venture capital funds, and asset-backed securities of luxury assets.
Since its launch, the marketplace has handled more than 1,000 transactions totaling US $600 million, including those for SpaceX, Grab, and Gojek.
With the acquisition, Alta now offers access to funds that the company manages as well as private market investment and trading of tokenized asset-backed securities.
A private digital securities exchange called HGX was established in 2019. Binance, a major cryptocurrency exchange, purchased an 18% share in the Singapore-based company as part of a strategic investment it made late last year.
