ConsenSys Partners with CapBridge to Develop 1X (1exchange)
ConsenSys and CapBridge came together in a partnership to create a blockchain-based exchange. CapBridge is a fintech firm and is backed by a Singapore Exchange and ConsenSys is a blockchain-based exchange.
CapBridge, a blockchain app developer, and a fintech firm came in partnership with a New York-based ConsenSys. The idea was to apply blockchain technology for a private exchange that is about to be built in Singapore.
With the support of Singapore Exchange (SGX) and other shareholders, a new platform is being developed named 1exchange (1X). The platform will focus on exit options for shareholders of private companies.
CapBridge CEO Johnson Chen and ConsenSys founder Joseph Lubin said,
“By providing another option for stakeholders, employees, and early investors to exit, 1X will create a new global market for secondaries”
The two blockchain firms added in their joint statement,
“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.”
The blockchain technology will be used by the exchange to improve record-keeping processes, know-your-customer practices and anti-money laundering (AML) practices, and reconciliation.
CapBridge CEO Johnson Chen said that the platform would contribute with new investment products in the range of options available today to develop a virtuous cycle of capital and growth.
ConsenSys Singapore’s managing director Vinay Mohan stated that the collaboration with CapBridge is a testament to technological innovation in the Asian fintech hub.
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.
Last month, the company announced that it had secured S$5 million in a funding round.
Founder of ConsenSys and co-founder of Ethereum said that the infrastructure for the upcoming exchange will be built on Ethereum mainnet.
ConsenSys won a United Nations (UN) competition last week to create an ID platform that is to be applied in Moldova to fight child trafficking.
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