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.
