SGX Catalist-listed Hatten Limited ("Hatten Land", "Company", and together with its subsidiaries, the "Group") is pleased to announce that its wholly-owned subsidiary Hatten Technology (S) Pte. Ltd. ("Hatten Technology") has signed a joint venture agreement ("JVA") with homegrown fintech company HydraX Pte. Ltd. ("Hydra X") to establish a joint venture company ("JVC") to jointly develop and operate 'first-of-its-kind' cryptocurrency exchanges ("Crypto Exchanges") in Singapore and Malaysia.The Crypto Exchanges and related custodian services are subject to obtaining the necessary regulatory approvals which JVC will be applying for in both countries. The two Crypto Exchanges, are believed to be the first such exchanges worldwide.
The JVC is the latest initiative undertaken by Hatten Land to re-purpose its malls in Melaka and align its business model with the growth trends of the digital economy. The Group has announced plans to create a 'metaverse' digital twin of historical Malaysian city and to develop a dedicated token system, and create digital assets, including nonfungible tokens ("NFTs").
Hatten Land is also working with partners to install solar panels on rooftops of the malls and potentially build large-scale solar photovoltaic ("LSSPV") facilities of 100 MWp. These panels will enable environmentally-friendly cryptocurrency mining which will commence with 3,000 mining rigs to be operated with two different partners. The digital assets derived from these new initiatives may also be listed or traded on the Crypto Exchanges.
With every transaction being recorded on distributed ledgers, regulated financial institutions might reject Bitcoins that may have been used for illegal activities. However, freshly minted 'Virgin Bitcoins' with no transaction history are considered pristine and can potentially command a premium. 'Green Bitcoins' mined with renewable energy sources are also gaining popularity among cryptocurrency investors.
The Crypto Exchanges will focus on listing and trading of newly-minted Bitcoins (also known as "Virgin Bitcoins" or "Clean Bitcoins"), eco-friendly BTC wrapper tokens ("Green Bitcoins"), as well as other "green" cryptocurrency, tokens and/or "green" credits. In addition to operating the exchanges, the JVC will also generate revenue by providing custody services for the cryptocurrencies and tokens that are being traded.
Under the JVA, the Group will hold a 60% equity stake in the JVC with the remaining 40% equity stake to 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.
Hydra X Provides a Complete Suite of Professional Features Across Traditional and Digital Asset Classes
Singapore-headquartered Hydra X offers digital technology infrastructure to global financial institutions in the capital markets space. It provides regulatory compliant, end-to-end multi-asset market infrastructure solutions which allow interoperability between digital and traditional assets. Headed by founding CEO Daryl Low, Hydra X's management team has altogether 60 years of experience in finance, financial regulation, law and technology.
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