| | MARCH 20249Tokenize Xchange has revealed the acquisition of an extra US$11.5 million (RM54.5 million) in its Series A Phase 2 financing from Trive and high-net-worth individuals (HNWIs). The premier digital asset exchange in Singapore stated that this recent investment raises its cumulative Series A funding to $23 million (RM109 million), aiming to achieve $33 million (RM156 million) by the end of the year.Established by serial entrepreneur Christopher Quek, Trive is a venture capital firm based in Singapore that focuses on investing in high-growth technology startups with a mission to generate positive social impact by enhancing the health and wealth of individuals in Southeast Asia. The firm had previously spearheaded the Phase 1 of Series A funding in 2022 with an investment of $11.5 million.As per Tokenize's statement, the company is progressing towards enlarging its team in Singapore with the goal of increasing its headcount by fivefold within the next 18 months. Twenty-five percent of these new roles will prioritize improving compliance and operations, highlighting the company's dedication to governance, control, and regulatory compliance in light of recent difficulties in the cryptocurrency industry.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 entails adjusting to the intricate regulatory landscapes throughout Southeast Asia while adhering to top-tier standards in compliance and governance. The company has submitted an application for a Digital Payment Token License in Singapore, presently operating under an exemption, and was one of the initial three digital asset exchange operators to obtain 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".Operating in Singapore, Malaysia, and Vietnam, Tokenize is poised to revolutionize the digital asset exchange arena, capitalizing on its robust market presence and extensive experience, notably as Malaysia's second-largest digital asset exchange. The company's partnerships with leading custody and compliance firms demonstrate its operational strength and dedication to achieving excellence. This fundraising achievement brings Tokenize Xchange closer to its Series A goal of $33 million, as the company remains a magnet for institutional and accredited investors. TOKENIZE XCHANGE SECURES $11.5 MILLION INVESTMENT FROM TRIVE AND HNWISIN FOCUS
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