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Tokenize Xchange Raises $11.5M, Looks to 5x Headcount

Tokenize Xchange aims to quintuple its headcount in 18 months and hopes to raise $33 million by year-end

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Singapore crypto platform Tokenize Xchange has raised an additional $11.5 million in its Series A Phase 2 funding from TRIVE.

Tokenize Xchange told The Straits Times that it intends to expand its Singapore team from 20 to 100 staff over the next 18 months. A quarter of these new hires will be in compliance and operations.

$11.5 million was raised in its Series A, Phase 2 funding from TRIVE and other high-net-worth individuals, bringing the total Series A fundraising amount to $23 million. The exchange's goal is $33 million by year-end.

TRIVE is a Singapore VC firm founded by Christopher Quek, which focuses on high-growth tech startups that create a positive social impact. The firm previously led Tokenize's Series A funding with an investment of $11.5 million in 2022.

Tokenize operates across Singapore, Malaysia, and Vietnam. Its strategic expansion will also involve adapting to regulatory frameworks across Southeast Asia.

The exchange has applied for a Digital Payment Token License in Singapore and is currently operating under an exemption. It was one of the first three digital asset exchange operators to receive full approval from the Securities Commission Malaysia in April 2020.

"Tokenize is well-positioned to lead in the digital exchange sector, heralding a new era of growth and stability," Quek stated.

Last week, OKX received an in-principle approval (IPA) for a Major Payment Institution (MPI) license in Singapore.

OKX Wins In-Principle Approval For MPI License From Singapore Regulator
OKX’s in-principle approval (IPA) for a major payment institution (MPI) licence allows it to provide digital payment tokens and cross-border money transfer services in Singapore.

Its new status allows the firm to provide digital payment tokens and cross-border money transfer services in Singapore.

Bitstamp also received in-principle approval from the Monetary Authority of Singapore (MAS) to offer Digital Payment Token services earlier this month.

Crypto Exchange Bitstamp Wins Conditional Approval from Singapore Regulator
Bitstamp’s achievement of in-principle approval in Singapore, as the first crypto exchange with a major presence in the EU to do so, is expected to facilitate greater collaboration between the two jurisdictions.