Solowin Holdings Completes $350 Million Acquisition of AlloyX
Solowin Holdings (SWIN) completed a $350 million acquisition of AlloyX, a stablecoin infrastructure provider. This move aims to enhance Solowin's expansion into emerging markets.
- The acquisition integrates AlloyX’s stablecoin application platform, real-world asset tokenization tools, and global payments network into Solowin’s ecosystem.
- It is an all-stock deal with a 12-month lock-up period for AlloyX’s founding team and strategic investors.
- An incentive structure is tied to AlloyX’s valuation milestones.
- Peter Lok, Solowin’s Chairman and CEO, stated the acquisition supports their vision for a financial ecosystem centered on stablecoins.
- As of March 31, AlloyX was described as an early-stage company with limited history and no revenue generated yet, according to SEC documents.
- The stablecoin market has a capitalization of $280 billion, dominated by Tether's USDT and Circle's USDC, which represent over 80% of the sector.