SINGAPORE: Private-market exchange ADDX will now recognise some cryptocurrency holdings from investors seeking to gain access to its platform, amid what it sees as record levels of crypto ownership around the world.

       ADDX will start acknowledging three coins, Bitcoin and Ether at a 50% discount rate, as well as USDC at a 10% discount rate, as part of its process for verifying so-called accredited investors, according to a statement from the firm yesterday.

       The coins and discount rates will be reviewed at regular intervals and may be revised as conditions change, said ADDX, that counts the likes of the Singapore Exchange Ltd and United Overseas Bank Ltd as shareholders.

       “Cryptocurrencies are here to stay. They no longer exist only on the fringes of wealth and investment conversations,” ADDX’s chief executive officer Oi-Yee Choo said.

       “It is reasonable for these digital assets to be recognised as a part of one’s portfolio, not unlike any other assets that can be valued in the marketplace, such as real estate or equity.”

       Cryptocurrency adoption has grown worldwide, though prices of bitcoin, ether and many altcoins have struggled in the past few months. — Bloomberg