Binance Asia Invests in Private Securities Exchange
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Binance Asia Services, which operates Binance’s Singapore entity, has taken an 18-percent stake in Hg Exchange (HGX), a Singapore-based private securities exchange.
Binance Singapore will work with HGX in enhancing offerings of products and services supported by blockchain technology, following its strategic investment in the platform, according to an announcement on Wednesday.
HGX, founded by PhillipCapital, PrimePartners and powered by Zilliqa’s blockchain, aims to facilitate cross-border issuance and trading of securities. Earlier this year, the platform was granted a Recognised Market Operator license by the Monetary Authority of Singapore.
HGX announced its first trades in September 2020. As of mid-2021, the exchange has listed 13 different products, with a total average monthly trading volume exceeding $500,000 in the first half of the year. In addition to shares in private companies, HGX is working to list alternative assets including wines, art and real estate.
Questions & Answers
Q.What is the primary purpose of HGX, the private securities exchange?
What is the primary purpose of HGX, the private securities exchange?
HGX's main objective is to make it easier to issue and trade securities across different countries. It uses Zilliqa's blockchain technology to power these operations and facilitate its services.
Q.What kind of products does HGX currently list, and what are its future plans?
What kind of products does HGX currently list, and what are its future plans?
As of mid-2021, HGX has listed 13 different products, primarily shares in private companies. The exchange is also working to include alternative assets such as wines, art, and real estate in its listings.
Q.When did HGX begin its trading operations?
When did HGX begin its trading operations?
HGX officially announced its first trades in September 2020. This followed the platform being granted a Recognised Market Operator license earlier that year by the Monetary Authority of Singapore.