DigiFT Raises $10.5M in Pre-Series A Led by Shanda Group

DigiFT, a decentralized digital asset exchange (DEX) that deals with asset-backed tokens (STO), raised $10.5 million in a Pre-Series A funding round let by Shanda Group, a global privately-owned investment group, and attracted other investors such as HashKey Capital, Hash Global, Xin Enterprise, the Co-founder of Fosun Group, and North Beta Capital. 

DigiFT plans to use the funds to support its license applications across Asia, the Middle East, and Europe, as well as its go-to-market strategies and technology development. The firm also intends to expand its team.

Founded in 2020, DigiFT is a DEX operating under the Monetary Authority of Singapore (MAS) Fintech Regulatory Sandbox. Its primary objective is to offer regulated decentralised finance solutions on the Ethereum public blockchain platform. It leverages an Automatic Market Making (AMM) mechanism to provide secondary trading liquidity for security tokens backed by financial assets like bonds and equities.

Henry Zhang, founder and CEO of DigiFT, expressed satisfaction with the investors' confidence in the company's vision to be a regulated DeFi exchange. He views the funding round as evidence of the industry's vast potential if the gap between traditional finance and Web 3 can be bridged. He pledged to work with regulatory bodies to steer the industry in the right direction.