Tokenize Xchange Secures $11.5 Million in Series A Funding to Expand in Singapore

Tokenize Xchange, a cryptocurrency exchange that was founded in 2017, has secured $11.5 million in Series A funding to support its expansion in Singapore. The funding round, known as Series A, Phase 2, was led by local venture capital firm Trive, with participation from high-net-worth individuals. Tokenize Xchange plans to use the funding to grow its team in Singapore, increasing the number of staff members from 20 to 100 over the next 18 months. The focus of this growth will be on strengthening the team’s compliance and operational capabilities. With this latest funding, Tokenize Xchange has raised a total of $23 million and aims to reach $33 million by the end of 2024. Trive had previously invested $11.5 million in the first phase of the Series A round in 2022, demonstrating its continued confidence in the exchange. Tokenize Xchange believes that expanding its operations will enable it to navigate the complex regulatory environments in Southeast Asia more effectively. The company is currently operating under an exemption and has also applied for a digital payment token license in Singapore. Singapore is known for its outstanding regulatory clarity in the digital asset space, with the government providing a high level of regulatory guidance. The Monetary Authority of Singapore (MAS) is recognized as one of the most sophisticated regulators globally, creating an environment where cryptocurrency ventures can thrive and collaborate with different regulatory frameworks.