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Singapore-headquartered Alta Group, formerly known as Fundel, is getting into the tokenization space with its latest acquisition.
The digital marketplace for alternative assets – Southeast Asia’s largest licensed platform – will support the tokenization and digital custody of alternative assets like real estate, and luxury assets, with the acquisition of private digital securities exchange Hg Exchange (HGX). Phillip Securities, Nomura Holdings, Integra Partners, and Prime Partners were also listed as shareholders.
HGX, which announced its first trades in September 2020, offers a wide range of digital and non-digital capital market products ranging from private equity and real estate to more exotic assets such as whiskey-backed securities, wine and art.
The deal will “significantly enhance Alta’s service offering by bringing three core parts of its business under one roof – private market investment, trading of tokenized asset-backed securities, and direct access to funds managed by Alta,” according to an announcement on Monday.
“Our goal is to connect promising new opportunities with capital. Today, by standardizing processes around our tokenized listings, we make investing in alternative cost-effective and transparent for investors,” Kelvin Lee, CEO and co-founder of Alta, said.
Launched in 2016, Alta has facilitated more than 600 transactions for opportunities like SpaceX, Grab, Gojek, rare whiskeys, and other alternative assets. It has generated over US$600 million in transactions and created access to over US$22 billion worth of mandated deals for its global investor community, the company said.
HGX will be renamed Alta Exchange and will continue to be led by CEO Willie Chang and the existing HGX team, which will be merging and augmenting Alta’s team, the announcement said.