We are excited to announce that ADDX has started to accept cryptocurrency holdings as a component of your net personal assets, to qualify as an accredited investor.
This is a remarkable milestone in our history of over 5 years, and a great first step towards bringing access to private markets to more people by bridging the traditional financial markets to the new, nascent market of cryptocurrency. In fact, we are the first private markets platform in Singapore to accept cryptocurrency as part of investors’ proof of qualification as an accredited investor.
Since we began our journey into the private markets, we have always believed in making significant social and economic impact. As this move acknowledges the fact that investors are now warming up to the idea of cryptocurrency as a form of alternative assets, we know that something had to be done to recognise cryptocurrency holdings as a component of one’s personal assets. In doing so, we allow more investors to participate in more sophisticated investment opportunities within the private markets, and not just public market stocks, bonds or funds.
Especially in times of market volatility, private market investments tend to be more resilient, which enables investors to diversify into the regulated private markets for greater portfolio stability across different phases of market cycles.
“As a regulated financial institution that understands blockchain technology, ADDX is well-positioned to bridge the two worlds – traditional finance and crypto. Investors increasingly expect a seamless view of their complete holdings because their traditional wealth and crypto wealth ultimately belong to a single portfolio. They want the best of both worlds.”
Oi-Yee Choo
Chief Executive Officer at ADDX
As we take steps in a strategic and comprehensive crypto roadmap for ADDX, we look forward to the possibilities of enabling customers to “fund their investment wallets with cryptocurrencies and converting their assets between fiat currencies and crypto.”
We’re sure you have questions, so we took the liberty of answering some of them below.
How do I qualify my cryptocurrency holdings as part of my accreditation?
Your cryptocurrency holdings are accepted under "net personal assets” hence you will have to meet the following criteria to qualify as accredited investors:
- Have net personal assets exceeding S$2,000,000 (or its equivalent in foreign currency), of which net equity of the individual’s primary residence is no more than S$1,000,000.
We currently accept three cryptocurrencies – BTC, ETH, and USDC.
What cryptocurrencies do you accept?
Currently, we are accepting three currencies — BTC, ETH, and USDC — based on market capitalisation and degree of transparency.
What valuation are the cryptocurrencies accepted at?
Cryptocurrency holdings will be accepted as part of your net personal asset at 50% value for BTC/ETH, and 90% for USDC, to account for market volatility that has been observed, and the time interval between periodic reviews.
E.g. USD 10,000 worth of BTC will be valued at USD 5,000. Similarly, USD 10,000 worth of USDC will be valued at USD 9,000.
These coins and discount rates will be reviewed at regular intervals and may be revised as market conditions change.
What supporting documents are required as proof of my cryptocurrency holdings?
When you sign up for an account, we will request documentation showing your holdings of the accepted currencies (BTC/ETH/USDC). This can be in the form of statements/screenshots of wallets/exchange balances showing the relevant holdings.
Your statements/screenshots should include the following:
- Name
- Date of statement (you will require a statement that has been produced within 3 months)
- Amount of cryptocurrency holdings
- Wallet provider/exchange name and/or logo (list of accepted wallets/exchanges)
You may refer to our FAQs for a more extensive list of answers to your questions.
Ready to enter the private markets with your cryptocurrency holdings?
