Tokenize Xchange’s Strategic Expansion Fueling Crypto Growth in Singapore

Tokenize Xchange, a prominent crypto exchange established in 2017, has successfully secured $11.5 million in its latest funding endeavor, aimed at bolstering its presence in Singapore. This financial boost, part of the Series A, Phase 2 round, was spearheaded by the local venture capital firm Trive, alongside contributions from affluent individuals.

The exchange is on a robust growth trajectory, planning to quintuple its staff in Singapore from 20 to 100 within the next 18 months, focusing on enhancing compliance and operational sectors. This influx of capital raises the total funds garnered to $23 million, with ambitions to hit the $33 million mark by the year’s end.

Trive’s repeated investment, matching its initial $11.5 million contribution from the first phase of the Series A round in 2022, underscores a strong vote of confidence in Tokenize Xchange’s potential. This expansion strategy is not just about scaling operations but also about adeptly navigating the complex regulatory landscapes across Southeast Asia.

Tokenize Xchange is no stranger to regulatory milestones. In April 2020, it became one of the first digital asset exchanges to be fully authorized by the Securities Commission Malaysia, positioning itself as a major player in the country’s digital asset scene. While currently operating on an exemption, the exchange has proactively applied for a digital payment token license in Singapore, eyeing further legitimization and growth.

Singapore’s reputation as a financial hub with clear regulatory directives, as praised by Coinbase Singapore’s Country Director Hassan Ahmed, positions the city-state as an attractive locale for crypto enterprises. The Monetary Authority of Singapore (MAS) is lauded for its sophisticated regulatory approach, fostering a conducive environment for digital finance innovation and allowing crypto ventures to thrive within a structured and supportive ecosystem.