ChainUp Acquires Singapore-licensed Asset Management Firm Bedrock Trust Amidst Regulatory Compliance Drive
Sep 28, 2022
ChainUp Group, a blockchain technology solutions provider, announced its acquisition of Bedrock Trust Pte. Ltd. (“Bedrock”), a Singapore-licensed asset and wealth management firm catering to Family Office clients. The acquisition enables ChainUp Group to leverage its blockchain expertise to support the expansion of Bedrock’s product and service offerings. Bedrock is a Licensed Fund Management Company regulated by the Monetary Authority of Singapore.
The acquisition will allow Bedrock to provide its clients with competitive and comprehensive digital asset management solutions. Bedrock will also be able to tap on ChainUp’s extensive network and expertise in Web3-related innovation and applications. Post-acquisition, Bedrock will be well positioned to expand its financial services offering, with an increasing number of institutions considering exposures in digital assets.
As a leading blockchain technology solutions provider in Singapore, ChainUp Group’s expansion into regulated wealth and asset management services via Bedrock will further contribute to the development of Singapore as a hub for blockchain-related financial services.
The acquisition follows the prior announcement of ChainUp and Bedrock’s strategic partnership earlier this year. Within that agreement, the two had set out to collaborate on projects such as the IPFS Infrastructure Fund, the Total Return Fund, the Enhanced Beta Fund and Venture Capital Fund.
Mr. Sailor Zhong, CEO and Executive Director of ChainUp Group, commented: “This acquisition will widen the range of solutions that ChainUp provides to our valued clients. In addition to our newly announced Board of Directors, this also further demonstrates our continued commitment to regulatory compliance and developing the blockchain ecosystem in Singapore and the region, in order to better serve institutional clients. This is a thrilling milestone, as ChainUp and Bedrock work together to make blockchain technology accessible to businesses everywhere, from Singapore to the world.”
Ms. Serena Choo Shu Hui, CEO and Founder of Bedrock, commented: “This is a great opportunity for us to leverage ChainUp’s expertise and explore new opportunities in the digital assets space as we observe growing interest from our clients in this area. Through this partnership, we will be able to expand our offerings to better serve our clients in this ever-evolving landscape.”
ChainUp Group is a Singapore-headquartered blockchain technology solutions provider committed to advancing the blockchain ecosystem locally, regionally, and globally. The company offers blockchain solutions for businesses in both traditional and blockchain-related industries.
Today, the company offers a comprehensive range of blockchain solutions including digital assets exchange solutions, NFT trading platform solutions, wallet solutions, liquidity solutions, and more.
Bedrock Trust Pte. Ltd. is a Singapore-based company that holds a Capital Market Services license for the regulated activity of Fund Management under the Securities and Futures Act. Bedrock provides its clients with investment solutions curated for each client’s long-term needs and requirements.
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About ChainUp Group
Founded in 2017, ChainUp is a leading end-to-end blockchain technology solutions provider covering infrastructure development and ecosystem support. Built on the mission to empower businesses through blockchain technology, ChainUp’s innovative and all-around compliant solutions include digital asset exchange systems, NFT trading systems, wallet solutions, liquidity solutions, and digital assets custody and management. Headquartered in Singapore and with offices around the world, the company has served more than 1,000 clients in 30 countries, reaching over 60 million end-users.
For more information, please visit: www.chainup.com.
Yeo Xue Zhen
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