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Tokenize Xchange’s Successful Funding Round
Tokenize Xchange, a cryptocurrency exchange established in 2017, has recently secured $11.5 million in its latest funding round to support its expansion plans in Singapore.
Key Details of the Funding Round
- The Series A, Phase 2 funding round was led by local venture capital firm Trive.
- High-net-worth individuals also participated in the funding round.
Tokenize Xchange’s Growth Strategy
Tokenize Xchange aims to grow its team in Singapore from 20 to 100 members over the next 18 months. This expansion will primarily focus on strengthening compliance and operational capabilities.
With the latest funding injection of $11.5 million in Series A, the total funds raised by Tokenize Xchange now stand at $23 million. The company has set a target to reach $33 million by the end of 2024.
Trive’s Continued Support
Trive had previously invested $11.5 million in the initial phase of the Series A round in 2022, demonstrating its confidence in the exchange’s potential.
Enhanced Regulatory Compliance
Expanding its operations will enable Tokenize Xchange to navigate the complex regulatory landscapes across Southeast Asia more effectively.
In April 2020, the exchange became one of the first three digital asset platforms to receive full authorization from the Securities Commission Malaysia, solidifying its position as the country’s second-largest digital asset exchange.
While currently operating under an exemption, Tokenize Xchange has applied for a digital payment token license in Singapore.
Singapore’s Regulatory Environment
Hassan Ahmed, the Country Director of Coinbase Singapore, praised Singapore’s regulatory clarity in the digital asset space, highlighting the government’s proactive approach.
“Singapore maintains a high level of regulatory transparency as a financial hub,” said Ahmed. “The Monetary Authority of Singapore (MAS) stands out as one of the most advanced regulators globally.”
Ahmed emphasized Singapore’s role in fostering discussions on digital finance, creating an environment where crypto businesses can thrive within diverse regulatory frameworks.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
