Shares of Solowin Holdings jumped 41%, to $2.62, in postmarket trading after the financial-services firm said it will invest $10 million in Alloy X’s Pre-A funding round.
The stock is down about 26% in the last 52 weeks.
The Chinese company said Friday its investment in Alloy X will help the Asian stablecoin-infrastructure firm expand its operations in the United Arab Emirates, the Association of Southeast Asian Nations and Africa. Stablecoins are cryptocurrencies whose value is tied to that of another currency, commodity or financial instrument.
Chief Executive Shing Tak Tam said the investment aligns with Solowin’s goal to foster innovation and enable growth in the global-financial infrastructure sector. “We believe the strategic investment highlights the transformative potential of stablecoins in global finance, creating substantial value for Solowin’s shareholders.”
