Cryptocurrency exchange Tokenize Xchange, founded in 2017, has raised $11.5 million in its latest funding round to expand its operations in Singapore. According to a recent report by The Straits Times , local venture capital firm Trive, along with other participants, led the second round of Series A funding.
Tokenize Xchange’s growth strategy
Tokenize Xchange plans to grow its team in Singapore over the next 18 months , expanding from 20 to 100 employees. This expansion will primarily focus on increasing the team’s compliance and operational capabilities.
With the recent addition of $11.5 million in Series A funding, the total amount raised has now reached $23 million. In addition, the company is targeting $33 million by the end of 2024.
Trive had previously invested $11.5 million in the first phase of its 2022 Series A round, as the latter reaffirmed its confidence in the exchange. The exchange said that expanding its operations will enable it to more effectively navigate the complex regulatory environment throughout Southeast Asia.
In April 2020, it received full approval from the Malaysian Securities Commission, making it the second-largest digital asset platform in the country. The company has also applied for a digital payment token license in Singapore under the current exemption.
The unique nature of Singapore’s regulations
Coinbase Singapore Country Director Hassan Ahmed recently shared his insights on the legislative landscape for digital assets in the city-state, acknowledging the government’s efforts.
“As a financial center, Singapore continues to provide a high level of regulatory transparency,” Ahmed said. “The Monetary Authority of Singapore(MAS) is among the most sophisticated regulators we work with around the world.”
According to Ahmed, Singapore is at the forefront of discussions on digital finance, creating an ecosystem in which crypto ventures can succeed and work with different regulatory frameworks.
