Tokenize Xchange Raises $11.5 Million in Series A Funding to Expand in Singapore
Tokenize Xchange, a cryptocurrency exchange that was established in 2017, has successfully raised $11.5 million in its latest funding round. The funding will be used to support the exchangeโs expansion plans in Singapore.
The funding round, known as Series A, Phase 2, was led by local venture capital firm Trive. Other participants in the round included high-net-worth individuals who believe in the potential of Tokenize Xchange.
Growth Strategy: Expanding the Team and Enhancing Compliance
As part of its growth strategy, Tokenize Xchange aims to increase its team size from 20 to 100 staff members over the next 18 months. This expansion will primarily focus on strengthening the exchangeโs compliance and operational capabilities.
With the addition of $11.5 million from the Series A funding round, Tokenize Xchange has now raised a total of $23 million. The company has set a goal to reach $33 million in funding by the end of 2024.
Trive had previously invested $11.5 million in the first phase of the Series A round in 2022, demonstrating their confidence in the exchangeโs potential for growth.
The expansion of operations will enable Tokenize Xchange to navigate the complex regulatory environments in Southeast Asia more effectively. The company has already secured authorization from the Securities Commission Malaysia and is currently operating under an exemption. It has also applied for a digital payment token license in Singapore.
Singaporeโs Regulatory Clarity and Support for Crypto Ventures
Singapore is known for its outstanding regulatory clarity when it comes to digital assets and cryptocurrencies. Hassan Ahmed, Coinbase Singaporeโs Country Director, praised the governmentโs efforts in creating a supportive environment for crypto ventures.
Ahmed stated, โAs 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.โ
According to Ahmed, Singapore is leading the way in digital finance discussions and has established an ecosystem where crypto ventures can thrive under various regulatory frameworks.
Hot Take: Tokenize Xchange Expands in Singapore with $11.5 Million Funding
Tokenize Xchange has secured $11.5 million in Series A funding to support its expansion plans in Singapore. The funding round was led by local venture capital firm Trive, with participation from high-net-worth individuals.
The exchange aims to increase its team size from 20 to 100 staff members over the next 18 months, focusing on enhancing compliance and operational capabilities.
This funding brings the total raised by Tokenize Xchange to $23 million, with a goal of reaching $33 million by the end of 2024.
Singaporeโs regulatory clarity and support for digital assets have positioned it as a leading hub for cryptocurrency ventures. The governmentโs efforts have created an ecosystem where crypto ventures can succeed under various regulatory frameworks.
With this latest funding, Tokenize Xchange is well-equipped to navigate the complex regulatory environments in Southeast Asia and continue its growth as a prominent cryptocurrency exchange.
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