Singapore-Based Digital Marketplace Alta Acquires Hg Exchange
Singapore-based digital marketplace Alta has acquired digital securities exchange Hg Exchange (HGX).
Financial terms have not been disclosed for the deal which will see HGX become a subsidiary of Alta and be renamed Alta Exchange.
Alta lists Phillip Securities, Nomura Holdings, Integra Partners and Prime Partners as shareholders, according to an emailed statement.
HGX is a digital securities exchange that uses blockchain technology to make it easer to invest in real estate, private equity and other investment classes.
Alta's aim with the acquisition is to offer tokenization and digital custody of alternative assets. Formerly known as Fundnel, Alta has recently rebranded with the goal of offering alternative assets to a broader array of investors through a digital marketplace.
Alta claims to have generated over $600 million in transactions and created access to more than $22 billion worth of mandated deals for its investors.