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Binance acquires 18% stake in Singapore’s Hg Exchange

Bloomberg
Bloomberg12/8/2021 02:36 PM GMT+08  • 2 min read
Binance acquires 18% stake in Singapore’s Hg Exchange
The HGX acquisition is subject to regulatory requirements, Binance said.
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Binance Asia Services, the Singapore entity of Changpeng Zhao, said it made an investment in a regional private securities exchange called Hg Exchange (HGX) that gives it a post-money stake of 18%.

“Through this investment, we seek to work with HGX in enhancing offerings of products and services supported by blockchain technology,” said Binance Singapore Chief Executive Officer Richard Teng. Financial offerings in the traditional form and crypto assets are converging, Teng said in a statement Wednesday. A post-money valuation is the firm’s worth that includes the outside investment.

Binance’s stake in HGX, which is based in Singapore and backed by PhillipCapital and PrimePartners Group, gives the crypto firm access to a regulated market operator as HGX has a license to trade shares in private companies, as well as tokenized assets including rare whiskey. Binance Asia is among firms seeking a license to operate a cryptocurrency exchange from the Monetary Authority of Singapore.

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