Founded by 28 year old Malaysian entrepreneur – Hong Qi Yu, Tokenize Xchange is Singapore’s leading cryptocurrency trading platform, which has recently announced its expansion to the Malaysian market, with South East Asia as its target.
Established in October 2017, Tokenize Xchange has since seen transactions worth RM6 million, with multiple funding rounds from investors worth more than RM3 million.
Despite the sea of emerging initial coin offerings (ICOs) and other blockchain based platforms, the access to such cryptocurrency tokens is still severely lacking.
“Tokenize Xchange (“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,” said Mr. Hong Qi Yu, Founder of Tokenize Xchange.
Earlier this year, Bank Negara Malaysia released the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) policy guidelines to address digital currencies. Tokenize views this step towards the regulation of digital currencies as an encouraging and positive move, and thus has formally registered with Bank Negara Malaysia as a reporting institution.
The policy document sets out the minimum requirements and standards that a reporting institution must observe to increase the transparency of activities relating to digital currencies and ensure effective AML/CFT control measures are put in place. With this in effect, the trading of cryptocurrencies is guided by the policy and Tokenize aims to enable Malaysians to trade safely in it’s secure and accessible platform.
“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,” added Hong.
Suffice to say, there is a growing prominence around the globe for cryptocurrency trading, with the size of the entire cryptocurrency market in 2017 estimated at USD $600 billion, an enormous jump from USD $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: The general uncertainty towards cryptocurrency is accentuated by the overall complexity of the technology and the accompanying lack of understanding. Purchasing cryptocurrencies is often a drawn-out process involving many steps from many different sources.
- Security risks: There is an inherent risk when dealing with any sort of asset via digitalised means, exchanges in the space have fallen victim to cyber-attacks or security loopholes over the past years. These breaches in security have resulted in millions of dollars’ worth of cryptocurrencies being siphoned to dishonest parties.
- Poor customer service: A major hindrance amongst the trading community is the onerous waiting time that one faces trying to address small issues regarding their accounts. Anyone will recount of the 3 to 4 week wait they experienced just trying to change a simple detail.
- Community disconnect: There is a gap amongst the digital communities present all over the web. Information provided in various communities are often not easily attainable and tend to be very scattered.
“Tokenize solves these problems by providing frictionless accessibility to purchasing cryptocurrency while utilizing hybrid wallet mechanisms to ensure that the users digital assets are safely kept away from malicious attacks.
“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,” explained Hong.
This is done by combining the informative communities of reddit with the warranting mechanisms of Facebook which is integrated into Tokenize’s very own Token Store, an all-in-one platform for individuals to educate themselves on various tokens.
Tokenize further differentiates itself by aiming to become the benchmark for market operators, implementing high level security measures, meticulous Know-your-customer (KYC) procedures and providing users a frictionless transaction experience through smart contracts and charging trading fees as low as 0.1%.
Tokenize Xchange also partners with rising blockchain projects that have the potential to add value to society and gives its users early access into these crowdfunding rounds.
This gives the community a 2-way dynamic interaction and alleviates the need for many rounds of sign-ups, verifications and KYC/AML procedures. This is done by acting as the filter for verifying credibility and viability of projects through an extremely strict and extensive grading criteria.
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.
Additionally, Accrelist, an SGX listed company, is working closely with Tokenize to further propel blockchain innovation in neighbouring Singapore. Tokenize will also be working closely with traditional players in the payment industry aside from purely crypto related projects.
“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. We are excited at the growth of Tokenize and the great team of advisors that have allowed us to scale so quickly,” said Mr. Hong Qi Yu, Founder of Tokenize Xchange.