The Singapore-based digital marketplace for alternative assets had been part of Hg Exchange since 2020 before deciding to invest in it
Alternative assets marketplace Fundnel has made its first blockchain acquisition in Hg Exchange (HGX), a Singapore-based private securities platform. HGX is run by finance veterans and backed by cryptocurrency exchange Binance, which took an 18 percent stake in the company last December.
Fundnel has also announced that it is rebranding to Alta, which stands for Alternative Assets for All.
“With the new acquisition and expansion of our business, we were keen to find a brand name that encompasses the breadth of our offerings, while also capturing the essence of our vision for private markets,” shares Kelvin Lee, Alta co-founder and CEO. ”Today, with the private capital markets, fund management and exchange businesses, we are much more than fundraising. In many ways, we are building the foundation for making alternative asset investments accessible for all.
“Alta represents something accessible in its simplicity and recognisability—and it also rolls off the tongue easier [than Fundnel]!”
The company’s new logo also captures its vision. “The symbol, which is a stylised “A”, has a lot of significance for us,” explains Lee. “It also resembles the Chinese word “ren” or “人”, which speaks to humanity. When flipped, it reads as “ru” or “入”, which speaks to access. So in one symbol, we’ve captured our vision, which is to create access for all to the opportunities in alternative asset investment.”
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According to Alta, acquiring HGX will support tokenisation and make it simpler and faster for investors to trade on its platform. “With our technology, the buying and selling process makes investments much simpler; blockchain contracts replace the tedious effort of sales and purchase agreements, and negotiations. Today, trades and settlements are done in real-time and virtually immediately,” says Lee.
HGX will undergo a rebranding to Alta Exchange, and will continue to be led by its current CEO Willie Chang.
Alta was founded in 2016 by Lee, Khai Lin Sng and Benjamin Twoon. It enables people to invest in alternative assets, including real estate, startups, asset-backed securities of luxury assets, and private equity and venture capital funds.
In the coming months, Lee says the company will look at expanding its reach across Southeast Asia, and develop its secondaries-focused funds, micro-VC opportunity in Malaysia and other asset-backed security token offerings.
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