- Tokenize Xchange secures $11.5M in Series A, targeting $33M by end of 2024.
- The funds will support 5x Singapore headcount expansion, focusing on compliance and operations.
- Tokenize aims to navigate complex regulations and secure a digital payment token license.
Funding boost
Singapore-based digital asset exchange Tokenize Xchange has secured an additional $11.5 million in its Series A funding round, led by VC firm Trive and high-net-worth individuals.
This investment brings the total Series A funding to $23 million, with Tokenize eyeing a total raise of $33 million by the end of 2024.
Regulatory compliance focus
The new funds will support Tokenize’s plans to significantly expand its Singapore headcount by 5 times over the next 18 months.
The company aims to hire specialists in compliance and operations as it navigates the complex regulatory landscape for digital assets in Southeast Asia.
Expansion and growth
“Compared to other countries in the region, Singapore already has a fairly robust regulatory framework for digital assets,” said Tokenize CEO Hong Qi Yu. The company is also working to secure a digital payment token license in Singapore, where it currently operates under an exemption.
Tokenize is already well-established in Malaysia, being one of the first three digital exchange operators to receive full approval from the country’s Securities Commission in 2020.
To read the original article: https://www.techinasia.com/sgbased-digital-exchange-tokenize-bags-115m-additional-series-funding
