Tokenize Xchange Secures Additional US$11.5M in Series A – Fintech Singapore

Tokenize Xchange, a digital asset exchange based in Singapore, has received an additional investment of US$11.5 million in the second phase of its Series A funding round from venture capital firm TRIVE and various high-net-worth individuals.

This brings its total amount raised in Series A to US$23 million, with the company aiming for a US$33 million total by the end of the year.

TRIVE, led by serial entrepreneur Christopher Quek, is known for its investments in technology startups across Southeast Asia that promise high growth and positive social impacts. The firm had previously spearheaded the initial phase of Tokenize Xchange’s Series A funding with a similar investment amount in 2022.

The funding is part of Tokenize Xchange’s strategy to significantly expand its operations in Singapore. This includes a plan to expand its workforce over the next 18 months where a quarter of the new hires will be allocated to compliance and operations roles.

Tokenize Xchange has also applied for a digital payment token license in Singapore and is among the six digital asset exchanges to receive approval from the Securities Commission Malaysia to be a licensed digital asset exchange in April 2020. The firm also has a presence in Vietnam.

Hong QiYu

Hong QiYu, Founder and CEO of Tokenize Xchange said,

“The continued support from TRIVE and our HNWIs reflects our mutual belief in a robust and transparent digital asset marketplace.

Our dedication to compliance and operational integrity is key to building trust and security for our institutional and accredited investors, especially given the dynamic regulatory environment in Southeast Asia.”

Christopher Quek

Christopher Quek, Managing Partner at TRIVE added,

“Our renewed investment in Tokenize Xchange is driven by our growing confidence in their strategic direction and their concrete steps towards achieving regulatory excellence.

Tokenize is well-positioned to lead in the digital exchange sector, heralding a new era of growth and stability.”

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• Source: https://fintechnews.sg/93304/digitalassets/tokenize-xchange-secures-additional-us11-5m-in-series-a/