DigiFT, a Singapore-based decentralized exchange (DEX) for asset-backed tokens (STO), has announced the completion of a Pre-Series A funding round, securing US$10.5 million. The investment round was led by Shanda Group, a global privately-owned investment group founded by Chinese online entertainment pioneer Tianqiao Chen and family in 1999.
DigiFT aims to provide a secure and transparent platform for the trading of asset-backed tokens, which are digital tokens that represent ownership of real-world assets such as real estate, commodities, and securities. The platform uses blockchain technology to ensure that transactions are secure and transparent, and that ownership of assets is easily transferable.
The funding round was also supported by other investors, including HashKey Capital, a multi-stage global venture capital firm investing in visionary blockchain founders; Hash Global, a Web3 venture capital firm with offices in Singapore and Shanghai; Xin Enterprise Pte. Ltd., a Singapore investment firm wholly owned by Liang Xinjun, co-founder of Fosun Group; and North Summit Capital, a venture capital firm focused on early-stage investments in technology companies.
The funds raised will be used to further develop the DigiFT platform and expand its reach in the global market. The company plans to use the funds to hire additional staff, enhance its technology infrastructure, and expand its marketing efforts.
“We are thrilled to have the support of such a strong group of investors,” said DigiFT CEO, John Tan. “This funding will allow us to continue to innovate and provide a secure and transparent platform for the trading of asset-backed tokens. We look forward to working with our investors to bring the benefits of blockchain technology to a wider audience.”
DigiFT is one of several decentralized exchanges that have emerged in recent years, offering an alternative to traditional centralized exchanges that are often criticized for their lack of transparency and security. With the support of its investors, DigiFT is well-positioned to continue to grow and expand its reach in the global market.
