Tokenize Xchange, a cryptocurrency exchange established in 2017, has successfully raised $11.5 million in its latest funding round. The funds will be used to expand its operations in Singapore. The Series A, Phase 2 funding round was led by local venture capital firm Trive, with participation from high-net-worth individuals, according to a recent report by The Straits Times.
Tokenize Xchange’s Expansion Plans
Tokenize Xchange plans to expand its team in Singapore, aiming to increase its staff from 20 to 100 members over the next 18 months. The expansion will primarily focus on enhancing the team’s compliance and operational capabilities. With the recent addition of $11.5 million in Series A funding, the total funds raised by the company now stand at $23 million. The company aims to raise $33 million by the end of 2024.
Trive had previously invested $11.5 million in the first phase of the Series A round in 2022. The second phase of investment reaffirms its confidence in the exchange. Tokenize Xchange believes that expanding its operations will enable it to navigate the complex regulatory environments across Southeast Asia more effectively.
In April 2020, Tokenize Xchange became one of the first three digital asset exchanges to receive full authorization from the Securities Commission Malaysia, making it the country’s second-largest platform for digital assets. The company, currently operating under an exemption, has also applied for a digital payment token license in Singapore.
Singapore’s Regulatory Environment
Hassan Ahmed, Country Director of Coinbase Singapore, recently shared his views on the digital asset legislative landscape in Singapore. He praised the government’s efforts, stating, “As a financial hub, Singapore continues to provide a high level of regulatory clarity. The Monetary Authority of Singapore (MAS) is among the most sophisticated regulators we work with globally.”
According to Ahmed, Singapore is leading the discussions on digital finance, creating an ecosystem where crypto ventures can thrive and work within various regulatory frameworks.
