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Singapore’s cryptocurrency trading platform Tokenize Xchange enters Malaysia

Singapore’s cryptocurrency trading platform Tokenize Xchange enters Malaysia

Since its launch in October, Tokenize claims to have seen transactions worth US$1.48 million

Tokenize Xchange Founder Hong Qi Yu

Singapore-based cryptocurrency trading platform Tokenize Xchange has announced its entry into the Malaysian market.

“We are opening up the market to Malaysians as we see many interested parties, who are keen to trade in cryptocurrencies, but lack the accessibility to a legitimate space, where it is safe to trade — as well as to be well supported by good customer service with a growing like minded community,” said Founder Hong Qi Yu.

“Tokenize will tackle one of the biggest challenges within the cryptocurrency landscape — accessibility to cryptocurrency tokens. It will function as a safe and easy platform for people to trade various cryptocurrency tokens such as Bitcoin and Ethereum.”

Since its launch in October 2017, Tokenize, which has formally registered with central bank Bank Negara Malaysia, claims to have seen transactions worth RM6 million (US$1.48 million), with multiple funding rounds from investors worth more than RM3 million (US$740,000).

There is a growing prominence around the globe for cryptocurrency trading, with the size of the entire cryptocurrency market in 2017 estimated at US$600 billion, a jump from US$16 billion in 2016. That being said, the barriers to entry for new individuals to purchase cryptocurrency for the very first time are high. Some of the problems include accessibility, security risks, poor customer service, and community disconnect.

Also Read: Malaysia’s central bank says it has no plans to appoint cryptocurrency exchange

“Tokenize solves these problems by providing frictionless accessibility to purchasing cryptocurrency while utilising hybrid wallet mechanisms to ensure that the users digital assets are safely kept away from malicious attacks,” Yu continued. “Additionally, Tokenize employs round-the-clock customer service specialists to cater to the needs of each user on its platform. Lastly, Tokenize aims to build a consolidated platform that addresses the gap in community engagement.”

This is done by combining the informative communities of reddit with the warranting mechanisms of Facebook, which is integrated into Tokenize’s Token Store.

Tokenize has also partnered with rising blockchain projects that have the potential to add value to society and gives its users early access into these crowdfunding rounds.

The Tokenize Xchange token (TKX) is an ERC20 token based on the Ethereum blockchain. However, Tokenize aims to eventually become an independent blockchain network based on their own Proof of Stake Protocol, the XChain.

“As a forex and crypto trader previously, it was a pain not having functional access to financial tools in the cryptocurrency space. Due to this problem, I decided to procure a solution through the birth of Tokenize Xchange. We see the platform as a megastore that allows users to buy, sell, trade, invest and educate themselves on blockchain and cryptocurrencies,” added Yu.

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