Digital exchange Tokenize bags $11.5m to grow SG headcount

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Singapore-based Tokenize Xchange has secured an additional US$11.5 million in its series A round from VC firm Trive and high-net-worth individuals (HNWIs).

This boosted its series A funding to US$23 million. The digital asset exchange intends to raise a total of US$33 million by the end of 2024.

The new funds will go towards team growth as Tokenize eyes a 5x increase in its Singapore headcount in the next 18 months. The company plans to hire a significant number of specialists in compliance and operations.

This is part of Tokenize’s efforts to adhere to the complex regulations of digital assets in Southeast Asia, CEO Hong Qi Yu said in a statement.

Compared to other countries in the region, Singapore already has a fairly robust regulatory framework for digital assets. The city-state has rules in place that cover crypto exchanges, stablecoins, and, to some extent, NFTs.

Tokenize is also working to secure a digital payment token license in Singapore, where it is currently operating under an exemption.

In Malaysia, Tokenize was among the first three digital exchange operators to receive full approval from the country’s Securities Commission in April 2020.

Founded in 2017, Tokenize currently allows the trading of over 80 cryptocurrencies, including Bitcoin, Ethereum, and other popular tokens. It is also one of the few exchanges in Singapore that allows users to buy cryptocurrencies in Singapore dollars.

Besides Singapore and Malaysia, Tokenize also has a presence in Vietnam.

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