Investment management company XSpring Capital has secured a large round of financing with partners in Thailand to accelerate the development of their financial marketplace, which combines traditional and digital investment products.
It also hopes to bring an expanded platform to the United States.
According to an announcement, the $ 225 million was raised through a partnership with Thai real estate company Sansiri, local insurance company Viryah and Thai private investor and multimillionaire Mongkol Prakitchaiwattana.
Formerly known as Seamico Securities, XSpring Capital (not to be confused with Ripple’s Xpring project incubator) holds a variety of trading licenses that allow it to operate in the traditional and digital financial markets.
The company, which is emerging as a market leader in the Asian digital investment marketplace, offers its clients in Thailand and Southeast Asia financial and investment services, including securities brokerage, investment advice and underwriting.
XSpring Capital is a portfolio asset of the US wealth management company Elevated Returns. The company specializes in the digitization of traditional financial investments using blockchain technology. Elevated Returns founder and president Stephane De Baets commented on the opportunity to develop a similar platform in the US.
“With the tremendous success of XSpring in Thailand, we now have proof of the concept that the public desire for this type of platform is even stronger than expected. We are currently working on obtaining the necessary licenses to start similar activities in the USA. “
In October 2020, crypto trading company BlockFi signed an agreement with Elevated Returns to provide credit facilities for digital assets issued within the Elevated Returns group of companies.
Elevated Returns is the manager of Aspen Digital, a company founded with the aim of indirectly owning a portion of the St. Regis Aspen Resort through tokenization.
Connected: Thailand Exchange Opens Digital Asset Trading … Without Crypto?
The Thai government has taken several steps in the past few months to restrict crypto trading activities for retailers, such as introducing a strict “personal” KYC procedure for those wishing to open a crypto trading account.
Earlier this month, Cointelegraph reported that the Thai Securities and Exchange Commission had targeted DeFi in its recent enforcement, announcing that all related activities may require a license from the Financial Commission.