SGX-Backed 1X Goes Live with Security Token Platform

Only accredited Singaporean investors can invest in the listed securities.

1X has launched its platform on Wednesday in Singapore to offer digital token-fiat trade pairs to the traders.

The exchange has already made its first listing with an Ethereum token which represents seven percent of the shares of Aggregate Asset Management (AAM), a Singapore-based fund manager.

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The new platform is focusing on listing security tokens of private companies and will allow investors to buy them using the Singapore dollar. The company believes that it will create liquidity in the market, and transactions recorded on a blockchain will maintain transparency.

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“The overall idea is to bring liquidity to an otherwise historically illiquid asset. We are starting off with private companies. In the future, we intend to apply the same workflow to other illiquid assets like bonds or real estate, etc.,” Haiping Choo, chief executive of the trading platform, told Coindesk.

Explaining the listing of the company, he added: “Currently it’s only ordinary/common shares, but we may extend to other share types e.g. preferred shares and other types of securities such as convertible bonds, etc.”

Limited investors in Singapore

Only accredited investors based in Singapore – individuals with a minimum annual income of $220,000 and a net worth of $1.5 million – can invest in the listed securities. However, retail investors based outside Singaporean jurisdiction can invest in the securities as long as they pass the know-your-customer (KYC) process.

The platform is backed by the Singapore Exchange (SGX), the primary securities exchange operation in the country, along with technological support from ConsenSys. Being a strategic investor, SGX holds equity of the platform, but it is only a minority shareholder.

The exchange is leveraging the efficiency of blockchain technology to reduce operational cost. It will charge 2.5 percent as transaction fees for each trade and kept the listing fee at $3,600 per year.

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