1exchange (1X): ConsenSys & CapBridge Partner For Blockchain Exchange Development
Capital raising platform CapBridge Partners With ConsenSys To Develop Blockchain Based Exchange
Capital raising platform CapBridge Pte Ltd (“CapBridge”) and global blockchain technology leader ConsenSys announced today a strategic partnership to deploy blockchain technology for an upcoming private exchange to be launched in Singapore.
Among other things, the blockchain-powered exchange aims to explore the use of distributed ledger technology to reduce inefficiencies in record-keeping, reconciliation, know-your-client, and anti-money laundering processes. With the support of shareholders including the Singapore Exchange (SGX), 1X is designed to improve exit options for shareholders of private companies.
The two companies said in a joint statement that:
“By providing another option for stakeholders, employees, and early investors to exit, 1X will create a new global market for secondaries. In the longer term, this will encourage active capital recycling and promote more liquidity throughout the capital market. Early investors and family owned business can also benefit from a partial liquidity.”
CapBridge was founded in 2015 with the support of SGX. Now it provides institutional and accredited investors with access to VC financing and pre-IPO placement deals, thus supporting startups during their growth. The famous US venture capitalist Tim Draper is also backing CapBridge. Most recently in May, CapBridge announced the appointment of SGX's Chew Sutat as its non-executive director. Mr. Chew is SGX's executive vice-president and head of equities and fixed income.
ConsenSys Singapore’s managing director Vinay Mohan stated that the collaboration with CapBridge is “a testament” to technological innovation in the Asian FinTech hub. With world-leading global powerhouse blockchain technology partner ConsenSys, CapBridge will be exploring the multitude of ways that blockchain technology can power the private exchange. Blockchain also opens up the possibility of the private exchange tapping into global liquidity and asset pools under common regulations and dependable security.
More information about the exchange is available on 1x.exchange.