February 28, 2024

ADDX unveils cryptocurrency product, digital asset fund by Trovio


Singapore-backed Capital markets podium ADDX recently unveiled their initial cryptocurrency product, also listed as digital asset fund by Australian Investment Manager Trovio Capital Management (TCM). The fund is focussed upon offering out accredited investors with a trustworthy option for crypto investing, taking consideration of institutional-grade safeguards in tandem with trade execution, custody of the fund’s underlying digital assets. Thus, it offers competitive option for crypto investing.

As per the firm’s report, fund is stated to have recorded out net return of around 215% within 2020, as well as 205% for the initial ten months during 2021. This offering is accessible for accredited investors. Under Singapore law, an accredited individual investor is an individual whose net personal assets surpasses in worth SGD 2 million, or financial assets surpassing in worth SGD 1 million, or whose income in the preceding 12 months is at least SGD 300,000.

As per ADDX, Trovio statement, TCM Digital Assets Fund has a diversified approach towards the development of Crypto investing. As per the firm’s sources, TCM Digital Asset Fund is stated to hold core positions in Bitcoin, Ethereum, along with a set of seven other cryptocurrencies that will be identified, scrutinized regularly via quantitative analysis.  

The fund also utilizes an independent administrator, custodian, auditor – in form of KPMG, with relying upon institutional-quality infrastructure. Custody and trading services are offered by US-based Coinbase, that is listed on Nasdaq. As per the firm’s sources, Investors on the ADDX platform can subscribe or redeem units each month with the fund manager. The fund’s minimum investment volume is US$10,000.

Australia- backed Trovio Group was founded in 2017, and is powered by veteran bankers Jon Deane and Bob Tucker. CEO Jon Deane, have in excess of 15 years of expertise managing large complex risk positions for investment banks, including JP Morgan and UBS AG. From 2014 to 2018, he had also hold position of Managing Director, Head of Asia Commodities Trading at JP Morgan.

ADDX known previously as iSTOX, is a full-service capital markets platform with Monetary Authority of Singapore (MAS) licenses for the issuance, custody, and secondary trading of digital securities. Launched in 2017, the firm announced raising of US$50 million in its Series A round in January 2021.

ADDX shareholders comprises of SGX, Temasek subsidiary Heliconia Capital, Japanese investors JIC Venture Growth Investments (JIC-VGI), the Development Bank of Japan (DBJ)1.

It also has Individual accredited investors2 utilizing the ADDX platform from 27 nations, spanning Asia Pacific, Europe, and the Americas (excluding the US).

Deane stated that, “it had been a good experience bringing the fund to ADDX’s MAS-regulated platform. We are continuing to witness significantly wider adoption and appreciation of digital assets as a standalone asset class in a diversified portfolio. ADDX’s platform is enabling investors to seamlessly access these asset classes, whilst reducing friction often experienced via traditional channels. We look forward to working with the ADDX team on launching our other products over the coming months.”

Oi Yee Choo, Chief Commercial Officer of ADDX, said: “Cryptocurrencies are very likely the digital gold of our age. There is robust demand among investors for exposure to these digital assets. The traditional world of finance tried to keep a cautious distance initially. But today, major financial institutions either have a crypto offering or are seriously considering one. We believe the time for discussing whether cryptocurrencies have a place in an investment portfolio is all but over. The more relevant question now is around how one should manage the risk of crypto investments, from an asset custody as well as a price volatility standpoint. Professionally managed crypto funds with a good track record can potentially address these risk concerns for investors.”

She was prompt to add further out that, “ADDX is pleased to work with Trovio on this first crypto offering to investors on our platform. The team led by Jon Deane has deep expertise in both traditional finance and the crypto space, and this is reflected in their rigorous approach to conceptualizing and bringing to market this institutional-grade fund. As Singapore establishes itself as an important global hub for regulated crypto activity, ADDX seeks to make a positive contribution to the crypto landscape of the city, by adding to the rich diversity of high-quality offerings available to investors.”


Other ADDX shareholders include Korea’s Hanwha Asset Management, Japan’s Tokai Tokyo Financial Holdings and Thailand’s Kiatnakin Phatra Financial Group. [1]

The Singapore regulatory regime that ADDX operates under defines an accredited individual investor as an individual whose net personal assets exceed in value SGD 2 million (or its equivalent in another currency), or whose financial assets (net of any related liabilities) exceed in value SGD 1 million (or its equivalent in another currency), or whose income in the preceding 12 months is at least SGD 300,000 (or its equivalent in another currency).

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