Tokenize Xchange secures additional US$11.5 mil investment from Trive & HNWIs

• Aims to quintuple its headcount within the next 18 months
• Latest investment elevates Tokenize's Series A fundraising to US$23 million

Tokenize Xchange has announced securing an additional US$11.5 million (RM54.5 million) in its Series A Phase 2 funding from Trive and high-net-worth individuals (HNWIs).  

The leading digital asset exchange in Singapore said this latest investment elevates its total Series A fundraising to US$23 million (RM109 million), with the goal to reach US$33 million (RM156 million) by year-end.

[RM1 = US$0.21]

Founded by serial entrepreneur Christopher Quek, Trive is a Singapore VC firm investing in high-growth technology startups that create positive social impact, improving the health and wealth of people in Southeast Asia. The company previously led the Phase 1 of Series A funding with an investment of US$11.5 million in 2022.

According to Tokenize, it is on track to expand its team in Singapore, aiming to quintuple its headcount within the next 18 months. A quarter of these new positions will focus on enhancing compliance and operations, underscoring its commitment to governance, control, and regulatory adherence following recent challenges in the cryptocurrency sector. 

Hong QiYu (pic) 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."

Tokenize's expansion involves adapting to the complex regulatory frameworks across Southeast Asia, adhering to best practices in compliance and governance. The company has applied for a Digital Payment Token License in Singapore, currently operating under an exemption, and was among the first three digital asset exchange operators to receive full approval from the Securities Commission Malaysia in April 2020. 

Christopher Quek, managing partner at Trive, said, "Our renewed investment in Tokenize Xchange is driven by our growing confidence in their strategic direction and their concrete steps towards achieving regulatory excellence. The company is well-positioned to lead in the digital exchange sector, heralding a new era of growth and stability."

With operations across Singapore, Malaysia, and Vietnam, Tokenize is set to transform the digital asset exchange landscape, leveraging its strong market presence and experience, particularly as Malaysia's second-largest digital asset exchange. The company's collaboration with top-tier custody and compliance firms showcases its operational resilience and commitment to excellence. 

This fundraising milestone moves Tokenize Xchange closer to its Series A target of US$33 million, as the company continues to attract keen interest from institutional and accredited investors.