141 views

ADDX accepts crypto assets of accredited investors

It is the first financial institution to do so in Singapore.

Trading platform ADDX announced it will be recognising the cryptocurrency assets of accredited investors, the first in Singapore. 

According to ADDX, the move is expected to allow more individuals to qualify as accredited investors. 

“With a large minority of investors owning crypto, it is reasonable for these digital assets to be recognised as a part of one’s portfolio – not unlike any other assets that can be valued in the marketplace, such as real estate or equity,” ADDX CEO Oi-Yee Choo said. 

Citing the Global State of Crypto Report by Gemini, ADDX said that crypto ownership increased by more than 80% in 2021. In particular, ownership rates stood at 30% in Singapore, 24% in Hong Kong, 20% in the US, 18% in the UK, and 17% in Germany. 

Read also: Singapore posts slight drop in cryptocurrency ownership

In line with its move to accept crypto owners, ADDX provided that it will only recognise Bitcoin, Ether, and USDC. ADDX will apply a 50% discount rate for Bitcoin or Ether, and 10% for USDC. 

ADDX also noted that to qualify as accredited investors, individuals must prove that thay own a net personal asset of at least SG$2m after the inclusion of the crypto assets with the discount rate.

“These steps form part of a more strategic and comprehensive crypto roadmap for ADDX,” Choo also said. 

“In time to come, we are likely to enable customers to fund their investment wallets with cryptocurrencies and to convert their assets between fiat currencies and crypto.”

 

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!