Blockchain Trading Platform iSTOX Raises $50 Million in Series A

By Avi Ben Ezra Thursday, January 21, 2021

iSTOX, a trading and investing platform powered by blockchain technology that aims to make private equity investments more accessible, has recorded another success as it raised $50 million in Series A. The business launched in 2017 and is owned by blockchain infrastructure company ICHX.

Person looking at stock exchange app on their phone

Democratizing the Investing Process

The blockchain startup attracted two new investors from Japan, namely the government-owned Development Bank of Japan (DBJ) and JIC Venture Growth Investments, the venture capital branch of Japan Investment Corporation (JIC).

Other backers in the business funding round included Juroku Bank and Mobile Internet Capital, as well as returning investors Singapore Exchange, Tokai Tokyo Financial Holdings, and Hanwha Asset Management.

The company plans to use the new funds to expand into new business markets, including China, Europe, and Australia. The business also said it intends to introduce new investment products such as private issuances to which investors can subscribe in “bite-size portions.”

The latest funding round comes nearly a year after the Monetary Authority of Singapore (MAS) granted permission to the startup for full operations in Singapore.

iSTOX is seeking new private capital business opportunities such as startups, private debt, and hedge funds. The company allows its clients to make very small investments while its blockchain technology allows it to cut costs for smart contracts and hold digital securities, which helps facilitate the issuance process.

Through its blockchain, the company is one of several Asian fintech businesses that aim to democratize the process of investing. Retail investors, on the other hand, can choose between apps such as Bibit, Syfe, Stashaway, Kristal.ai, and Grab Financial’s investment products.

The recent funding round was first announced in September last year when the startup said it had secured an undisclosed amount from Thai investment bank Kiatnakin Phatra Financial Group as a part of the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox.

“Capital markets are transforming rapidly because of advancements in technology. The regulator MAS and our institutional investors have been far-sighted and progressive, and they support the change wholeheartedly,” said Oi Yee Choo, CCO of the company.

Singapore has shown strong support for blockchain technology and launched several initiatives to promote its use in data security, logistics, fintech, and other industries.

Summary

Two new investors from Japan have supported digital securities platform iSTOX in its $50 million Series A financing round.

About the Author


Headshot for author Avi Ben Ezra

Avi Ben Ezra is the Chief Technology Officer (CTO) and Cofounder of SnatchBot and SnatchApp (Snatch Group Limited). He leads the Group’s long-term technology vision and is responsible for running all facets of the tech business which includes being the architect of the platforms and UI interfaces.

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