Hg Exchange is a private securities exchange licensed by the Monetary Authority of Singapore. Founded by financial institutions PhillipCapital, PrimePartners, and Fundnel in 2019, the exchange is built on the Zilliqa blockchain and uses the ZIL token to tokenize stocks of private companies and promote transactions.
“Crypto and traditional financial offerings continue to converge. Through this investment, we seek to work with HGX in enhancing offerings of products and services supported by blockchain technology,” said Richard Teng, CEO of Binance Singapore.
Binance began trading shares via a tokenized listed company called “Binance Stock Tokens” in April of this year but announced it had stopped selling in July due to regulatory concerns in Europe and Hong Kong. With the latest stake acquisition, the exchange might be looking to re-enter the stock token market.
Neither party has revealed the financial terms of the agreement, except for the proportion of the latest stake acquisition.