Quick take:
- The latest fundraising brings the total raised for the round to $23 million.
- Tokenize offers an institutional-grade crypto exchange platform serving both individual and institutional investors.
- The company plans to use the fresh capital to expand its team within the next 18 months.
Singapore-based Tokenize Xchange has secured an $11.5 million fundraising led by TRIVE Ventures. The centralised crypto exchange platform plans to use the fresh capital to expand its team in Singapore over the next 18 months, with a key focus on compliance operations.
TRIVE also led Tikenize’s phase-one fundraising of $11.5 million in 2022. The company has now raised $23 million for the Series A round, which targets $33 million.
Tokenize offers a crypto exchange platform that serves both individual and institutional investors across Singapore, Malaysia and Vietnam.
Founded by Hong QiYu in 2017, Tokenize has already applied for a Digital Payment Token License in Singapore and has been operating under exception while it awaits approval. The company received its digital asset exchange license from Malaysian authorities in April 2020.
Commenting on the fundraising, QiYu said in a statement: “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 Xchanage boasts over 200,000 clients according to information on its website. Its platform is also available for Android and iPhone devices. The app has been downloaded over 50,000 times on Play Store.
Tokenize Xchange is not TRIVE Ventures’ first investment in a blockchain company, the Singapore-based venture capital firms previously invested in blockchain-based ride-hailing service MVL Chain’s $15 million Series B round in April 2021.
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