DigiFT Founer Henry Zhang
DigiFT, a Singapore-based digital asset exchange (DEX) for asset-backed tokens (STO), has secured US$10.5 million in a pre-Series A funding round led by Shanda Group, a global privately-owned investment group.
Other investors also participated, including HashKey Capital, Hash Global, Xin Enterprise, and North Beta Capital.
The startup will use the new funds to support license applications in Asia, the Middle East, and Europe, technology development, and expand its innovation capabilities. The firm also plans to expand its team.
DigiFT was founded in 2020 by Henry Zhang, formerly Greater China CEO of East West Bank and Deputy China CEO of Citibank and Standard Chartered Bank.
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DigiFT is a DEX for asset-backed tokens (STO) and is the first such exchange enrolled in the Monetary Authority of Singapore FinTech Regulatory Sandbox. It aims to provide regulated DeFi 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.
Asset owners can issue blockchain-based security tokens cost-effectively. Investors can also trade with continuous liquidity via the AMM mechanism and retain control over digital assets in their wallets.
“As a key international financial hub, Singapore boasts a robust legal framework and government support for tokenisation with blockchain technology. We look forward to further working with regulatory bodies to steer our industry in the right direction,” said Henry Zhang, Founder and CEO of DigiFT.
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