Thailand’s XSpring Capital raises $225M to build integrated financial marketplace

Thailand’s XSpring Capital raises $225M to build integrated financial marketplace

Investment management company XSpring Capital has secured a large funding round with partners in Thailand to accelerate the development of its financial marketplace that combines traditional and digital asset products.

It also hopes to bring an expanded platform to the United States.

Our top trading bots

According to an announcement, the $225 million has been raised through a partnership with Thai real estate firm Sansiri, local insurance company Viryah, and Thai private investor and multi-millionaire Mongkol Prakitchaiwattana.

Formerly known as Seamico Securities, XSpring Capital (not to be confused with Ripple’s Xpring project incubator), has a wide variety of trading licenses enabling it to operate across the traditional and digital finance markets.

The firm, which touts itself as an emerging leader in Asia's digital investment marketplace, provides financial and investment services including securities brokerage, investment advisory, and underwriting to clients in Thailand and Southeast Asia.

XSpring Capital is a portfolio asset of United States-based asset management firm Elevated Returns. The company specializes in digitizing traditional financial assets using blockchain technology. Founder and President of Elevated Returns, Stephane De Baets, commented about the possibility of developing a similar platform in the U.S.

“Through XSpring’s tremendous success in Thailand, we now have proof of concept that public desire for this type of platform is even stronger than expected; currently, we are working to obtain the necessary licenses to begin similar operations in the United States.”

In October 2020, crypto trading firm BlockFi signed an agreement with Elevated Returns to provide lending facilities against digital assets issued within the Elevated Returns group of companies.

Elevated Returns is the manager of Aspen Digital, a corporation formed with the purpose of indirectly owning a portion of the St. Regis Aspen Resort through tokenization.

Related: Thailand stock exchange to open digital asset trading... without crypto?

The Thai government has made several moves in recent months to limit crypto trading activities for retail traders, such as imposing a strict “in-person” KYC procedure for those wanting to open a crypto trading account.

Earlier this month, Cointelegraph reported that Thailand’s Securities and Exchange Commission targeted DeFi in its latest clampdown, announcing that any related activities may require a license from the financial regulator.

Keep reading on Cointelegraph
Multiverse secures $15M investment from Samsung Next, leading blockchain VCs
Multiverse, a decentralized artificial intelligence ecosystem that funds early-stage tech companies, has secured $15 million in investments from some of...
Bull or bear market, creators are diving headfirst into crypto
After an astronomical bull run into the beginning of this year that was followed by an abrupt halt and 50% drop since April, crypto markets are at a fork...
Sunday's GBTC unlock held more shares than the remaining events combined
Bitcoin (BTC) is rebounding despite the ongoing Grayscale Bitcoin Trust (GBTC) unlocking events — and most shares are already released.According to data...
Beware of ‘soft rugs’ — a growing menace in decentralized finance
The decentralized finance ecosystem has been plagued by a variety of known scams and exploits for some time, with yet another coming in the form of what...
Top 5 cryptocurrencies to watch this week: BTC, ADA, THETA, XMR, AMP
The U.S. Federal Reserve’s plans to advance its timeline for rate hikes to 2023 has led to profit-booking in the U.S. stock market, gold, and Bitcoin (BTC)....
GME and AMC stock surge may impact crypto meme coins, BTC not so much?
This year, stocks like the movie theater chain AMC Entertainment and video game retailer GameStop (GME) have been the vehicle for individual retail traders...
When will Elon Musk's influence on Bitcoin end?
Elon Musk’s tendency to sway the crypto space with devil-may-care tweets was on display again on Friday, as numerous coins lost between 10–18% in the wake...
Bitcoin Climbs 11% In Bullish Trade
Investing.com - Bitcoin was trading at $37,533.2 by 08:03 (12:03 GMT) on the Investing.com Index on Monday, up 10.77% on the day. It was the largest one-day...
Defying COVID-19: Blockchain events make an in-person return
The year 2020, for most of the inhabitants of our planet, was passed in lockdowns or quarantine due to the COVID-19 pandemic; many were forced to stay at...
Altcoins just repeated a move that could launch them 27,000% higher in 2021
Altcoins have delivered huge gains this year, but if they repeat their 2017 moves, hodlers may be looking at an insane 27,000% moonshot.According to popular...
DeFi adoption on the Binance Smart Chain reaches new highs
Decentralized finance (DeFi) has taken a well-deserved break from the spotlight over the past couple of months after being one of the hottest sectors at...
New Bitcoin price concerns from JPMorgan at odds with 'immense support' at $52K
Bitcoin (BTC) is seeing a tsunami of new user adoption as a backdrop to prices likely bottoming at around $52,000, say analysts.In a series of tweets on...
Hegic Protocol announces 'gradual' governance launch for long-term users
Decentralized finance protocol Hegic has announced a soft governance launch designed to reward its long-term users.According to an April 19 announcement,...
Rewards system allows decentralized messaging app users to earn crypto
Make Sense Labs, a decentralized application firm backed by venture capitalist Tim Draper, now allows users of its social messaging app to earn rewards...
Here's why April may be the best month yet for Bitcoin price
The U.S. dollar is starting to weaken once again as sellers are pushing the U.S. Dollar Index (DXY) downward, which could strengthen the momentum of Bitcoin...