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Singapore’s Stock Exchange Backs New Ethereum Security Token Platform

A new trading platform for security tokens has launched with backing from Singapore Exchange (SGX), the country’s public stock market, and technical support from ethereum startup ConsenSys.


The 1X platform has gone live Wednesday with its first listing of an ethereum token, purchasable with Singapore dollars. The token represents about 7 percent of the shares of a Singapore fund manager called Aggregate Asset Management (AAM).


AAM raised about $4 million in fiat currency in the six weeks since May 4, 2019. Investors in the round received the corresponding ethereum tokens to account for their ownership, which is now tradable on 1X.


The goal of 1X is to provide an IPO-like platform but for private companies to raise capital and to increase liquidity in the primary capital market by using a public blockchain to validate transactions.


“We take a portion of private companies – usually 10 to 30 percent – and put that into a special purpose vehicle (SPV) … to back every token we mint for listing and trading,” 1X’s CEO, Haiping Choo, told CoinDesk, adding:


Read More at CoinDesk


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