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Tokenize Xchange Secures $11.5 Million in Series A Funding to Expand in Singapore

Tokenize Xchange, a cryptocurrency exchange established in 2017, has effectively secured $11.5 million in its most recent funding round aimed at expanding its operations in Singapore.

As per a recent update from The Straits Times, this Series A, Phase 2 funding round was spearheaded by the local venture capital firm Trive, with additional participation from high-net-worth individuals.

Tokenize Xchange’s Growth Strategy

Tokenize Xchange is poised to bolster its workforce in Singapore, aiming to escalate from 20 to 100 employees within the next 18 months. This expansion will primarily concentrate on augmenting the team’s proficiency in compliance and operational functions.

Following the recent infusion of $11.5 million in Series A funding, the total raised has now surged to $23 million. Furthermore, the company has set its sights on attaining a total of $33 million in funding by the conclusion of 2024.

Trive had previously allocated $11.5 million during the initial phase of the Series A round in 2022, and this subsequent phase underscores its continued trust in the exchange’s potential.

The exchange emphasized that its expansion efforts will enable it to navigate the complex regulatory landscapes across Southeast Asia with greater effectiveness.

In April 2020, it solidified its status as one of the pioneering trio of digital asset exchanges to obtain full authorization from the Securities Commission Malaysia, positioning it as the second-largest platform for digital assets in the country.

Presently operating under an exemption, the company has additionally filed an application for a digital payment token license in Singapore.

Singapore’s Outstanding Regulatory Clarity

Hassan Ahmed, the Country Director of Coinbase Singapore, recently offered his perspectives on the digital asset regulatory framework in the city-state, recognizing the government’s proactive efforts.

“As a financial hub, Singapore consistently offers a high degree of regulatory transparency,” Ahmed remarked. “The Monetary Authority of Singapore (MAS) stands out as one of the most advanced regulators we collaborate with worldwide.”

Ahmed further highlighted that Singapore is leading the dialogue on digital finance, establishing an environment conducive to the success of crypto ventures and their collaboration with diverse regulatory frameworks.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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