Singapore-based cryptocurrency exchange Tokenize Xchange has announced raising an additional $11.5 million in its Series A funding round anchored by venture capital investor TRIVE Ventures.
The latest fundraise, which Tokenize Xchange dubbed Series A Phase 2, brings the startup’s total funds raised in the Series A round to $23 million. The company targets raising a total of $33 million in the round by the end of this year.
Tokenize Xchange, founded in 2017 by Hong QiYu, offers a platform for trading a wide array of cryptocurrencies, serving both individual and institutional investors.
With the Series A funding, the startup said it will expand its team in Singapore, with the target of raising its headcount within the next 18 months. The majority of these positions will focus on enhancing compliance and operations.
It has operations across Singapore, Malaysia, and Vietnam.
“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,” QiYu said.
The company has applied for a Digital Payment Token License in Singapore and operates under an exemption while awaiting approval. Notably, it was among the first three digital asset exchanges to be fully approved by the Securities Commission Malaysia in April 2020.
TRIVE, the anchor investor in the latest funding round, previously led phase 1 of Series A funding with an investment of $11.5 million in 2022.
Tokenize Xchange’s latest fundraising comes less than two months after another Singapore-based crypto company, Terraform Labs, filed for Chapter 11 bankruptcy in the US. Terraform Labs is the company behind the stablecoin TerraUSD, which collapsed and roiled cryptocurrency markets in 2022.
