Drew & Napier advised Hydra X on a joint venture with Hatten Land to develop and operate “first-of-its-kind” cryptocurrency exchanges in Malaysia and Singapore
01 Nov 2021
Drew & Napier recently advised Singapore homegrown fintech company, Hydra X on a joint venture (“JV”) with Hatten Technology, the wholly owned subsidiary of SGX Catalist-listed Hatten Land, to develop and operate “first-of-its-kind” cryptocurrency exchanges in Malaysia and Singapore.
The new crypto exchanges will focus on listing and trading newly minted Bitcoins, which have no transaction history and are considered "pristine", thus can potentially command a higher value. The exchange will also focus on creating eco-friendly green Bitcoins such as the BTC wrapper tokens, as well as other green cryptocurrency, tokens and/or green credits. These green Bitcoins are mined with renewable energy sources, and are gaining popularity among cryptocurrency investors.
Under the JV agreement, Hatten Land together with its subsidiaries will hold 60% equity stake in the JV company, while the remaining 40% will be held by Hydra X. As partial consideration for the development costs for the crypto exchanges, Hydra X will be issued new ordinary shares of Hatten Land, and Hydra X will become a shareholder of the company.
Advising Hydra X are Director Julian Kwek and Senior Associate Wang Jiayan.