SGX-Backed ADDX Allows Investors to Use Crypto to Gain Access
- Private-market exchange ADDX to factor in digital assets
- Bitcoin, Ether and USDC can count toward qualification
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Private-market exchange ADDX will now recognize some cryptocurrency holdings from investors seeking to gain access to its platform, amid what it sees as record levels of crypto ownership around the world.
ADDX will start acknowledging three coins -- Bitcoin and Ether at a 50% discount rate, as well as USDC at a 10% discount rate -- as part of its process for verifying so-called accredited investors, according to a statement from the firm on Wednesday. The coins and discount rates will be reviewed at regular intervals and may be revised as conditions change, said ADDX, that counts the likes of the Singapore Exchange Ltd. and United Overseas Bank Ltd. as shareholders.