Capital markets fintech iStox raises $5m in South Korea
South Korean capital markets firm iStox has raised $5 million from Hanwha Asset Management.
iStox claims to be the first regulated capital markets platform in any major financial centre to support the one-stop issuance, custody and trading of digitised securities.
The firm wants to allow investors and issuers to connect and transact directly using distributed ledger technology (DLT).
iStox is currently enrolled in the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox, and hopes to emerge from the programme in Q1 2020 ready to offer its solution to the market.
Previous investors in the platform include is Tokai Tokyo Financial Holdings, which pumped $5 million into iStox back in November 2019, and Kiatnakin Phatra Financial Group, which supported the firm in its Series A, though the figure is undisclosed.
“As iStox continues to grow, our relationships with partners like Hanwha are allowing us to build a powerful foundation to develop iStox into a pioneering service that addresses the evolving needs of 21st century investors,” says Danny Toe, founder and CEO of Sinagpore-based ICHX Tech, which operates the iStox platform.