Hydra X · Investor presentation
Technology and licensed services for tokenised capital markets
v1.12Updated 14 October 2026Confidential
Hydra X01 / 14
Hydra X helps financial institutions move from traditional to tokenised capital markets
Hydra X believes tokenisation will become the standard format of the capital markets, as electronic book-entry replaced paper certificates a generation ago.
Three formats of the capital markets, and two ways to use Hydra XExhibit 1
Paper certificates
The original format
Electronic book-entry
Replaced paper a generation ago
Tokenised assets
The standard Hydra X expects next
Hydra X1Install the technology
The institution installs Hydra X's technology and handles tokenised assets itself.
Same technology
2Appoint Hydra X
Hydra X runs custody, distribution, and trading for the institution under its own licences.
US$8.8m
Revenue in 2025
US$1.5bn
Assets in custody [as at date]
1.44x
Revenue since inception, against capital raised
DBSOCBC
Run Hydra X's technology in production [replace with logos]
Source: Hydra X. Custody figure as at [date].
- Hydra X supplies the technology and runs the licensed services for every stage of a tokenised asset's life. No other firm in Southeast Asia offers both across the whole life of the asset. An institution can install the technology and handle tokenised assets itself, or appoint Hydra X to run custody, distribution, and trading on its behalf.
- DTCC's Tokenization Service and Southeast Asia's new licensing regimes are pressing the region's exchanges and banks to prepare for tokenised assets. Most of these institutions are still in pilot.
- Hydra X expects investors to hold and trade tokenised assets of different classes together. An investor could, for example, buy a tokenised structured product, pay in a stablecoin, and settle against crypto. Hydra X holds licences for securities in Singapore and for digital payment tokens in Labuan and Malaysia, so it can handle every asset in a trade of that kind.
- DBS and OCBC run Hydra X's technology in production and have appointed Hydra X as a licensed distributor. Hydra X earned US$8.8m of revenue in 2025, and its revenue since inception totals 1.44 times the capital it has raised.
- Hydra X is raising US$20m to take its technology to national exchanges, CSDs, and clearing houses, in Southeast Asia and beyond.
Size and timing
US$3tn to US$10tn
Morgan Stanley's head of digital asset strategy, on the value of tokenised real-world assets by 2030.
“We'll definitely be within that range without question.”
Amy Oldenburg, Morgan Stanley, to The Block, 12 October 2026
US$38.6bn
Tokenised real-world assets today, excluding stablecoins (rwa.xyz, 1 October 2026)
End of October 2026
DTCC's Tokenization Service is due to launch
Morgan Stanley Research's published base case is US$2.3tn by 2030 (October 2026). The range quoted is Ms Oldenburg's.
The problem02 / 14
Banks and exchanges spend [18 to 24] months in pilot before they can offer tokenised assets, because every stage of an asset's life needs new technology and new controls
Most of an institution's operations remain off-chain, so its tokenised assets must also connect to the custody, cash, and reporting systems it already runs.
Path from pilot to production for a bank or exchangeExhibit 2
Pilot[18 to 24] monthsProduction
1Before the trade
- Issue the tokens
- Distribute them to approved investors
Approval gate[months]Compliance, risk, operations, technology
2At the trade
- Run a venue that matches and settles trades
Approval gate[months]Compliance, risk, operations, technology
3After the trade
- Hold keys and wallets in custody
- Connect each settlement to cash in existing systems
Approval gate[months]Compliance, risk, operations, technology
RegulatorReviews the institution's operating model as a whole
Two ways to reach production sooner
(a) InstallTechnology already approved at other institutions
(b) AppointA licensed operator for the hardest stages, while the institution builds its own capability
One integration per network
CantonBuild and maintain
BesuBuild and maintain
EthereumBuild and maintain
Each network addedBuild and maintain
Source: [supply a pilot-to-production figure from Hydra X's engagements].
- An institution that offers tokenised assets needs technology for every stage of their life. It must issue the tokens and distribute them to approved investors, run a venue that matches and settles trades, hold keys and wallets in custody, and connect each settlement to the cash held in its existing systems.
- Issuers use several networks for tokenised assets, among them Canton, Besu, and Ethereum. Each network needs its own integration, and the institution must update that integration whenever the network changes. Every network the institution adds is therefore another integration to build and maintain.
- Compliance, risk, operations, and technology must each approve the controls for every stage. The institution's regulator then reviews its operating model as a whole.
- Some stages are harder to set up than others. Custody of keys and wallets, for example, needs a permanent team and controls that the institution has never run. It is a safe assumption that few banks would recover that cost from today's volumes within several years.
- An institution can reach production sooner in two ways: (a) by installing technology that has already passed internal and regulatory approval at other institutions; or (b) by appointing a licensed operator to run the hardest stages while it builds its own capability.
Why now03 / 14
DTCC's Tokenization Service and Southeast Asia's new licensing regimes have set a timetable for the region's move to tokenised markets, and many of its institutions are still in pilot
Southeast Asian banks hold US securities for their clients through global custodians, so those clients could ask their banks for the tokenised versions.
DTCC and Southeast Asia's regulators have set dates for tokenised marketsExhibit 3
30+
Firms took part in DTCC's production trades in tokenised DTC-held securities on 15 July 2026, run on two networks, Besu and Canton.
Due to launch
End of October 2026
DTCC Tokenization Service
Global eventsSoutheast Asian events
14 Nov 2025
MAS Guide on the Tokenisation of Capital Markets Products
11 Dec 2025
SEC three-year no-action letter to DTC
Jan 2026
Vietnam opens licensing of digital asset exchanges
15 Jul 2026
DTCC production trades in tokenised DTC-held securities
4 Sep 2026
Korea FSC three-stage plan
Oct 2026
DTCC Tokenization Service launchDue
Q4 2026
Bursa Malaysia roadmap
2026 to 2028
Thailand SEC plan for tokenised securities
[Date to confirm]
Indonesia OJK tokenisation regulation [confirm whether issued]
Sources: DTCC; US SEC; MAS; Korea Financial Services Commission; SEC Thailand; Bursa Malaysia; OJK [add full citations before sending].
- DTCC has begun moving US securities into tokenised form. More than 30 firms took part in its production trades in tokenised DTC-held securities on 15 July 2026. DTCC is due to launch its Tokenization Service at the end of October 2026 [move to the past tense once DTCC announces the launch].
- DTCC's Tokenization Service will let DTC participants hold US equities and Treasuries in tokenised form, and Hydra X expects international investors to hold more of these securities that way. A venue that seeks international liquidity must therefore be able to list, accept, and settle against them.
- To attract those investors, a venue must also offer its own domestic securities in tokenised form. An investor could then hold US and domestic securities in one wallet and settle one against the other.
- Southeast Asia's own regulators are adding to the pressure from DTCC. Singapore, Malaysia, Thailand, Vietnam, and Indonesia are each writing rules for tokenised markets or licensing the venues that will run them. Vietnam, for instance, is licensing several digital asset exchanges at once.
- DTCC ran its production trades on two networks, Besu and Canton. A venue will therefore need technology that connects to both, and to whichever networks its own market adopts.
Scale
Tokenised assets are about one-hundredth of one per cent of the world's listed securities.
Hydra X builds for regulated securities markets, which are more than a hundred times the size of the crypto market.
1
2
3
4
5
US$38.6bn of tokenised real-world assets, shown as the dot at the end of the row
1
US$318.5tn
Listed equities and bonds
SIFMA Capital Markets Fact Book 2026, end-2025
2
US$147tn
Global assets under management
BCG Global Asset Management 2026, end-2025
3
US$[X]tn
Alternative assets
[confirm current Preqin figure]; drawn indicatively until confirmed
4
US$[2.5]tn
Crypto
[confirm on the build date]
5
US$38.6bn
Tokenised real-world assets
rwa.xyz, 1 October 2026
Circles are sized by area. The categories overlap, so the circles sit side by side; nesting them would imply that each is a subset of the next.
The market04 / 14
Southeast Asia's [N] exchanges, CSDs, and clearing houses and its [M] banks hold US$[X]tn of securities, and tokenised assets make up [a fraction of one per cent] of that total today
Hydra X sizes its market from the bottom up, by counting the institutions it can serve and what each would pay.
Bottom-up build of Hydra X's serviceable market in Southeast AsiaExhibit 4
Exchanges, CSDs, and clearing houses
[N] institutions at US$[A]m a year
Banks
[M] banks at US$[B]m a year
Fees on assets held
US$[ ]m a year
Sales to existing clients
US$[ ]m a year
Serviceable market
US$[X]m a year
Bar heights are indicative until the figures are supplied.
Published forecasts range from US$2.3tn (Morgan Stanley Research, October 2026) to US$14tn (BCG, An Imperative for Growth, April 2026, excluding real estate and stablecoins) of tokenised assets by 2030. Both are measured on global bases wider than Hydra X's market.
- When a jurisdiction moves to tokenised markets, its exchanges, banks, and intermediaries must change format together. Each of them would need technology, licensed services, or both.
- At Hydra X's current contract values of US$[A]m a year per exchange and US$[B]m a year per bank, the institutions it can serve would pay US$[X]m a year in total. That figure excludes any fee on the assets Hydra X holds.
- Each network and asset class that Hydra X adds lets every existing client hold and trade more. Revenue from that client therefore grows without a new sale. Net revenue retention was [R]% in 2025.
A repeated problem
From Southeast Asia to the Gulf and Africa, governments are tokenising their capital markets to draw in international investors.
Southeast Asia
Southeast Asia is the world's fifth-largest economy, on course to become the fourth by 2030 (ASEAN Economic Community Strategic Plan 2026 to 2030). Vietnam began licensing digital asset exchanges in January 2026.
The Gulf
HSBC launched its Tokenised Deposit Service in the UAE on 22 June 2026, and ADGM's regulator granted Coinbase permission for a tokenised securities hub in August 2026.
Africa
Nigeria's SEC approved trading in tokenised shares and bonds on the NASD OTC Securities Exchange in 2026, and the Nairobi Securities Exchange plans a regulated platform for tokenised assets.
Hydra X can supply each country's national venue as plug-and-play technology, and its licensed platform in Southeast Asia can connect that venue to international investors.
Our business model05 / 14
Hydra X runs both halves of a market infrastructure business, market technology and market services, as exchange groups such as Nasdaq do
Hydra X earns implementation and platform fees from market technology, and custody, distribution, and trading fees from market services on the assets it holds and moves.
Hydra X's two business lines span every stage of a tokenised asset's lifeExhibit 5
Market technology
The client receives
Technology it installs in its own environment and runs under its own licence
Hydra X is paid
Implementation fees and platform fees
Market services
The client receives
Custody, distribution, and trading by Hydra X under its own licences, including its licensed venue for private markets
Hydra X is paid
Custody, distribution, and trading fees on the assets it holds and moves
Stages of a tokenised asset's life
IssueDistributeTradeHoldSettle
Tokenised bonds · Funds · Stablecoins · Crypto
Precedent
Nasdaq runs its own markets, the equivalent of market services, and sells trading technology to [more than 130] other market operators, the equivalent of market technology.
- Market technology is the technology an institution installs to issue, distribute, trade, hold, and settle tokenised assets in its own environment and under its own licence.
- Market services are the custody, distribution, and trading that Hydra X carries out for clients under its own licences, including trading on its own licensed venue for private markets.
- Hydra X offers both halves across every stage of a tokenised asset's life and across asset classes, from tokenised bonds and funds to stablecoins and crypto.
- Nasdaq runs its own markets and sells trading technology to [more than 130] other market operators [confirm]. Hydra X applies the same model to tokenised assets, at a far earlier stage of its growth.
Why the model matters06 / 14
Hydra X can serve every institution, whether it builds or outsources, so it can build the shared infrastructure that connects Southeast Asia's tokenised markets
In traditional markets, exchanges and depositories run shared infrastructure and earn on activity across the whole market. Institutions rarely replace them once they have built their operations around them.
Southeast Asia's markets connected through one Hydra X layerExhibit 6
Singapore
ExchangeBanksCustodians
Live connections
Malaysia
ExchangeBanksCustodians
Illustrative
Thailand
ExchangeBanksCustodians
Illustrative
Vietnam
ExchangeBanksCustodians
Illustrative
Indonesia
ExchangeBanksCustodians
Illustrative
Hydra XTechnology and licensed services, shared across connected institutions
International investors
Live connectionProspective connection, illustrativeInstitution type with a live connection
Schematic, not to scale. Live connections in Singapore are with two banks and a MAS-recognised exchange.
- Hydra X can serve an institution whichever course it takes: (a) an institution that builds installs Hydra X's technology; (b) one that outsources appoints Hydra X to act under Hydra X's licences; and (c) one that begins with Hydra X's services could later run the same technology itself. An institution that moves from services to installed technology would keep the controls its regulator has already reviewed.
- Each institution that connects to Hydra X's technology can reach every other institution connected to it. An asset issued through one could then be distributed, traded, and held through the others. Each institution that joins would give every existing member one more institution through which to distribute, trade, and hold its assets.
- Hydra X can serve each market in the role that market needs. It supplies technology to the exchanges that run public markets, as Nasdaq does for other market operators. For clients that want a licensed venue, it runs private markets itself under its own licences.
- Hydra X is raising capital to work towards that shared infrastructure through the national exchanges, CSDs, and clearing houses at the top of each market, because their members follow them into tokenised markets.
Compliance
Institutions will move at the pace their regulators allow.
“Have asset-backed tokens achieved escape velocity? Not yet.”
Chia Der Jiun, Managing Director, Monetary Authority of Singapore, Singapore FinTech Festival, 13 November 2025
MAS
supervises Hydra X's technology in production today
Market technology07 / 14
Hydra X's technology runs in production at every stage of a tokenised asset's life and across asset classes, from bonds and funds to stablecoins and crypto
MAS supervises Hydra X's technology in production. Two of Singapore's largest banks and a MAS-recognised exchange each reviewed the technology before signing.
Hydra X's technology sits between an institution's systems and the networksExhibit 7
The institution's existing systems
Core bankingCustodyReportingClient channels
Adapters
Hydra X's technology
Issuance and distribution
Trading
Custody
Settlement
Asset classesSecuritiesFundsCommoditiesStablecoinsCrypto[confirm the list in production]
Market connectivity
Networks
[Canton][Redbelly]Further networksSettlement across networks
Drawn in outline: funded by the raise
ISO 27001ISO 27017ISO 27018SOC 2Supervised in production by MAS
- Hydra X's technology lets an institution issue and distribute tokenised assets, trade them, hold them in custody, and settle them in digital tokens or in fiat.
- Hydra X's modules handle securities, funds, commodities, stablecoins, and crypto alike [confirm the list in production]. An institution can therefore add an asset class and keep its trading, custody, and settlement systems as they are.
- Each client took Hydra X through procurement and technology risk review before signing. Hydra X holds ISO 27001, 27017, and 27018 certification and a SOC 2 attestation.
- Adapters connect Hydra X's technology to an institution's core banking, custody, and reporting systems, and to networks such as [Canton and Redbelly], so the client integrates with Hydra X once. Hydra X expects securities, cash, and stablecoins to sit on different networks and still settle against one another. The raise would fund connections to further networks and settlement across them.
Market services08 / 14
Hydra X runs its market services under licences for securities and for digital payment tokens, so it can handle every class of tokenised asset as investors combine them
Hydra X expects investors to hold and trade tokenised assets of different classes together. It has assembled its licences so that each asset in a trade goes to an entity licensed to handle it.
Licences by jurisdiction and asset classExhibit 8
SingaporeMonetary Authority of Singapore
LabuanLabuan Financial Services Authority
MalaysiaSecurities Commission Malaysia, held by an affiliate
Securities
Recognised Market OperatorCapital Markets Services licence, dealingCapital Markets Services licence, custody
Digital payment tokens and stablecoins
Payment Services Act licence: application in progress
Digital exchangePayment system operator
Digital custodian [confirm wording]
Illustration
Tokenised structured productHeld by the Singapore entity
Stablecoin payment and crypto settlementHeld by the Labuan and Malaysian entities
Both legs released together
- Hydra X carries out custody, distribution, and trading for clients under its own licences, and runs its own licensed venue for private markets.
- Hydra X handles securities under licences from the Monetary Authority of Singapore: a Recognised Market Operator licence, and Capital Markets Services licences for dealing and for custody. It handles digital payment tokens and stablecoins under digital exchange and payment system licences from the Labuan Financial Services Authority. An affiliate is registered as a digital custodian with the Securities Commission Malaysia [confirm wording].
- Together, these licences cover a trade that combines asset classes. As an illustration, an investor could buy a tokenised structured product, pay in a stablecoin, and settle against crypto. Each asset would then be held by the entity licensed for it.
- In November 2024, Hydra X became the first regulated custodian in Asia-Pacific for assets issued on Canton. In July 2025, it became the first firm outside Canton's core operators to run nodes for other institutions. Nodes are the servers through which institutions connect to Canton.
- Hydra X has one licence application in progress, under Singapore's Payment Services Act. Until MAS grants that licence, Hydra X provides digital payment token custody for Singapore clients through its Labuan entity or its Malaysian affiliate.
How Hydra X differs09 / 14
Hydra X is the only firm in Southeast Asia that runs both market technology and market services across the whole life of a tokenised asset, and each regional peer runs one half
Hydra X assembled market technology and market services over eight years. A peer starting today would need to add the half it lacks.
Regional players by what they supplyExhibit 9
Operates under licence in Southeast Asia
Operators
Licensed, with technology built for their own business
Zodia CustodyAnchorageHex TrustADDXInvestaXDigiFTMarketnode
Both
Licensed, with technology clients install
Hydra X
Neither
Vendors
Technology clients install, with no operating licence in the region
TaurusRipple MetacoFireblocksSecuritizeTokeny
Supplies technology that clients install
Network builders (Digital Asset, Redbelly, R3) supply and partner with Hydra X, and sit outside this comparison.
| Player | Licences held |
|---|---|
| OSL | Operating a virtual asset trading platformDealing in securities and automated trading services |
| Marketnode | None shown |
| DigiFT | Recognised Market OperatorCMS licence, dealing |
| InvestaX | Recognised Market OperatorCMS licence, dealing |
| SDAX | Recognised Market OperatorCMS licence, dealing |
| AsiaNext | Recognised Market OperatorCMS licence, dealingCMS licence, custody |
| ADDX | Recognised Market OperatorCMS licence, dealingCMS licence, custody |
| Hydra X | Recognised Market OperatorCMS licence, dealingCMS licence, custodyLabuan digital exchangeLabuan payment system operatorMalaysian digital custodian, through an affiliate |
Source: company deck v0.97, slide 20, with Hydra X's Malaysian entry corrected to the affiliate. CMS: Capital Markets Services. [Confirm peer licences and as-at date.]
- Software vendors sell technology for one or more stages and leave the client to operate it, because they hold no operating licence in the region.
- Venue and custody operators run technology built for their own businesses. They would need to rebuild it before a client could install it in the client's own environment.
- To match Hydra X, a vendor would need operating licences in each jurisdiction. Obtaining them would take [two to three] years and require regulatory capital. An operator would need to rebuild its technology for installation, and then deploy and support it inside other institutions.
How the two lines work together10 / 14
Each half of Hydra X's business brings clients to the other, so a client can start with one half and add the other
Hydra X earns market technology fees at deployment and in each year after. It earns market services fees on the assets clients hold and trade, so those fees rise as clients' tokenised assets grow.
Services each client takes from Hydra XExhibit 10
| Client | Tokenisation | Technology | Custody | Distribution |
|---|---|---|---|---|
| DBS | ✓ | ✓ | ||
| OCBC | ✓ | ✓ | ||
| SDAX | ✓ | ✓ | ✓ | |
| [ALKN] | ✓ | ✓ | ||
| SBI | ✓ |
US$1.5bn
In custody at [date]
US$3bn
Of issuances supported
US$10.5bn
Of trades across 700,000 transactions on client platforms since [year]
Source: Hydra X. [Add as-at dates for volume figures.]
- DBS and OCBC run Hydra X's technology in production, and both have since appointed Hydra X as a licensed distributor.
- SDAX, an exchange recognised by MAS, runs Hydra X's tokenisation and exchange technology. It has also appointed Hydra X as its custodian [confirm sequence]. [ALKN, confirm name] had Hydra X tokenise its assets, and now keeps them in Hydra X's custody.
- Each technology deployment brings Hydra X another institution to which it can offer market services. Each market services client, in turn, could later install Hydra X's technology.
- Gross margins range from 55% to 90%, depending on the scope of each delivery. Each new deployment reuses modules built for earlier clients [supply the cost of a recent deployment against the first].
Financial performance11 / 14
Hydra X grew revenue from US$0.6m in 2020 to US$8.8m in 2025, and recurring revenue rose to 48% of the total in 2024
Revenue has grown every year since 2020, at a compound rate of [71%, confirm].
Revenue, US$m, 2020 to 2030Exhibit 11
YearRecurring shareProfit or loss, US$m
0.6
2020
[ ]
1.67
2021
[ ]
2.91
2022
[ ]
4.64
2023
35%
[ ]
5.56
2024
48%
[ ]
8.8
2025
[ ]%
[(0.86)]
9.8
2026
[ ]
14.6
2027
[ ]
28
2028
[ ]
61.1
2029
[ ]
95.7
2030
[ ]
ActualProjected (2026) and estimated (2027 to 2030)
[Split each column by market technology and market services, from company deck v0.97, slide 18.]
Source: Hydra X; company deck v0.97, slide 18. Recurring share for 2025 and profit or loss for each year to be supplied.
- Revenue rose from US$0.6m in 2020 to US$8.8m in 2025. It grew 58% in 2025 alone.
- Recurring revenue rose from 35% of the total in 2023 to 48% in 2024 [add the 2025 figure]. Gross margins range from 55% to 90%, depending on the scope of each delivery.
- Hydra X projects 2026 revenue of US$9.8m, up 11%, because [mechanism]. Signed contracts already cover US$[X]m of the US$14.6m projected for 2027.
- Hydra X lost US$[0.86]m in 2025 and projects breakeven in [2028].
Capital efficiency12 / 14
Hydra X's revenue since inception is 1.44 times the capital it has raised, against 0.34 times or less for regional peers
Hydra X has earned US$24.2m of revenue since 2020, against US$[16.8]m of funding.
Valuation and capital efficiency against regional peersExhibit 12
Price to sales
OSL35x
Marketnode1,460x
DigiFT76x
InvestaX225x
SDAX106x
AsiaNext316x
ADDX312x
Hydra X23x
Marketnode's bar is cut at 400x.
Revenue to funding
Marketnode0.003x
DigiFT0.0204x
InvestaX0.3433x
SDAX0.045x
AsiaNext0.003x
ADDX0.024x
Hydra X1.44x
Cumulative revenue against years in operation, US$m
Source: company deck v0.97, slides 19 and 20. Hydra X's price to sales is at US$200m pre-money against 2025 revenue. Peer positions on the lower chart are read from that slide. [State the basis, source, and as-at date for every peer figure.]
- Regional peers' revenue ranges from 0.003 to 0.34 times the capital they have raised [confirm basis and dates].
- At US$200m pre-money, Hydra X would be valued at about 23 times its 2025 revenue. Regional peers trade or last raised at 35 to 1,460 times revenue [confirm basis and dates].
- Hydra X has earned more revenue in its years of operation than any regional peer earned over a comparable period [confirm against the peer data].
Team and timing13 / 14
Hydra X's team has built the technology and obtained the licences, so new capital would fund the sales and delivery capacity needed to entrench Hydra X's position
Founder-market fit rests on experience of operating in capital markets and on access to regulators.
Leadership, board, and planned hiresExhibit 13
Chief Executive Officer
Daryl Low
Previously SGX and Rajah & Tann
Chief Operating Officer
Wee Hao Ng
Previously Citi
VP Dealing
[Name, confirm]
Previously head of clearing and trading, SGX
Director
Mah Bow Tan
Former Singapore cabinet minister
Director
Nasser Ismail
Formerly SGX's head of equity capital markets and issuer regulation
Headcount
Now[X]
Planned[Y]
Named hires: [chief technology officer] and [head of institutional sales]
[Confirm board seats.] Headcount bar lengths are indicative until the figures are supplied.
- Hydra X has spent eight years building its technology, obtaining its licences, and earning its production references. That cost is largely behind it. Most of the new capital would therefore go to winning and serving clients.
- Hydra X's founder and senior team come from SGX, Citi, Commerzbank, and Singapore's leading law firms. Its head of dealing ran clearing and trading at SGX.
- Hydra X's board includes Mah Bow Tan, a former Singapore cabinet minister, and Nasser Ismail, formerly SGX's head of equity capital markets and issuer regulation [confirm board seats].
- Institutions are choosing their providers as they move from pilot to production, and an institution that changes provider faces a fresh regulatory review. Proceeds would fund [a chief technology officer and a head of institutional sales] and grow headcount from [X] to [Y], so that Hydra X can serve those institutions while they choose.
The raise14 / 14
US$20m would take Hydra X to the national exchanges, CSDs, and clearing houses at the top of each market, in Southeast Asia and beyond
Hydra X is raising US$20m of equity at a pre-money valuation of US$200m. The process closes on [date].
Use of proceeds and target segmentsExhibit 14
Product[%]
Sales and market entry[%]
Regulatory capital[%]
Delivery[%]
[Reconcile company deck v0.97's 15, 35, 15, and 35 with v1.1's 40, 20, 20, and 20.] Segments are drawn equal until reconciled.
Target segmentsNational exchangesCSDsClearing houses
RegionsSoutheast AsiaBeyond Southeast Asia
End of runway[supply one outcome an investor could check, such as national mandates signed]
- Hydra X would concentrate on national exchanges, CSDs, and clearing houses, because the banks, brokers, and custodians connected to them must follow when they move to tokenised assets. Each national mandate would therefore give Hydra X access to that market's members.
- Hydra X would serve these institutions as a technology supplier, a role that requires no new licence outside its existing jurisdictions. Its licensed platform in Southeast Asia could also connect their markets to international investors.
- Hydra X would connect its technology to further networks and move settlement across networks into production. It could then supply clearing houses with technology to control collateral and settle trades across networks. Each clearing house would keep its clearing function and its default waterfall.
- Proceeds would go to product, sales and market entry, regulatory capital, and delivery, in proportions of [reconcile company deck v0.97's 15, 35, 15, and 35 with v1.1's 40, 20, 20, and 20]. Hydra X's licences require its regulatory capital to rise with the assets it holds.