Singapore-based Alta, a digital marketplace for alternative investments, has acquired private digital securities exchange Hg Exchange (HGX) for an undisclosed amount.
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- Hg Exchange will be renamed Alta Exchange and will continue to be led by HGX CEO Willie Chang, while the existing Hg Exchange team will merge with Alta, the company said in a statement emailed to Forkast.
- The acquisition is expected to enable Alta to support the tokenization and digital custody of alternative assets, the statement said.
- HGX will become a wholly-owned subsidiary of Alta.
- Alta will also list Phillip Securities, Nomura Holdings, Integra Partners, and Prime Partners as shareholders.
- The acquisition is expected to “significantly enhance” Alta’s service offering by combining three core parts of its business – private market investment, trading of tokenized asset-backed securities, and direct access to funds managed by Alta.
- Alta, formerly known as Fundnel, claimed it has generated over US$600 million in transactions and has created access to over US$22 billion worth of mandated deals for its investor community.
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