Acquisition of Hg Exchange by Alta for Tokenisation and Digital Custody Solutions
In a significant move, Alta Exchange, formerly known as Fundnel, has acquired HGX, marking a new chapter in its mission to revolutionise private markets with a blockchain-powered digital exchange.
The acquisition, which was announced recently, sees HGX being renamed Alta Exchange. The CEO of HGX, Willie Chang, will continue to lead the newly renamed entity.
Alta has facilitated over 600 transactions for opportunities like SpaceX, Grab, Gojek, and other alternative assets. With the acquisition of HGX, Alta aims to provide tokenisation and digital custody services, further strengthening its position as a leader in the alternative asset space.
Kelvin Lee, CEO and Co-Founder of Alta, expressed his excitement about the deal, stating, "The acquisition of HGX marks a new chapter in our journey to revolutionise private markets with a blockchain-powered digital exchange."
Lawrence Wong, Chairman of Alta Exchange, added that the combination with HGX will better position Alta to attract new listings and member brokers.
HGX, partly owned by Binance Asia Services, received its license to operate from the Monetary Authority of Singapore (MAS) in December 2021. The existing HGX team will merge and augment Alta's team, bringing together a wealth of experience and expertise.
Alta has created access to over US$22 billion worth of mandated deals and has generated over US$600 million in transactions. The company has also listed Phillip Securities, Nomura Holdings, Integra Partners, and Prime Partners as shareholders.
While the name of the leader of the former Hg Exchange was not explicitly mentioned in the provided search results, the acquisition is expected to bring about significant changes and growth for Alta Exchange in the coming months.
This acquisition is a testament to Alta's commitment to innovation and its vision to democratise access to alternative investments. As the company continues to grow and evolve, it is poised to make a significant impact in the private markets space.
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