Singapore-based Xen Technologies has launched a blockchain-enabled wealth management platform for affluent investors in Asia.
The namesake platform – Xen - gives investors with a minimum of $100,000 of investable assets access to third-party alternative investment managers.
These managers run a range of strategies, such as hedge funds and trade finance, private equity, commodity and real estate funds.
The company has also launched a beta version of the platform, allowing clients that meet accreditation and know-your-customer requirements to invest cash in a quantitative hedge fund.
In return, investors receive an equivalent amount of security tokens, called XEN_Q tokens, which represent digital certificates of ownership in the fund.
After the lock-up period, the tokens can be traded for liquidity on Xen’s trading platform powered by blockchain technology and smart contracts.
A smart contract is a computer program that can be deployed on blockchain. It defines the rules of an agreement and automatically enforces those obligations.
Xen will open up its platform to accredited investors globally in February 2019.
‘We’re transforming the Asian wealth management industry with a solution tailored to digitally-savvy affluent investors seeking transparency and control,’ said Katrina Cokeng, CEO and co-founder of Xen.
The firm is operating under a regulatory sandbox licence in Mauritius, and has the licence to issue and trade security tokens, operate a security token trading platform and create blockchain wallets for investors.
It is backed by family offices and venture investors, including Gaurav Dhawan, CEO and majority shareholder of commodities player Phoenix Group.