Tokenize Xchange’s Token, TKX, Achieves Mid-Cap Cryptocurrency Status by Hitting an All-time High Market Cap of US$1 Billion

Tokenize Doubles the Number of Institutional Users in the First Quarter of 2022

SINGAPORE (Thursday, 5 May 2022) — Tokenize Xchange (Tokenize) announced today that its token, TKX, which is traded in most major crypto exchanges, recently hit an all-time-high market capitalization of US$1 billion. This makes it a mid-cap cryptocurrency.

Mid-cap cryptocurrencies usually have a market cap of between US$1 billion to US$10 billion. Tokenize was founded in Singapore in 2017 by HONG Qi Yu, Founder and CEO of Tokenize Xchange.

This milestone is a result of the exponential growth of Tokenize’s user base over the past couple of years. From 2020 to 2021, Tokenize achieved a strong growth amongst retail users, doubling its user base from 100,000 in 2020, to 200,000 in 2021. This contributes mainly to the growth of retail users. 

Coinciding with MAS regulations introduced in early 2022, the company shifted its focus in the Singapore market from retail users to a growing number of institutional users, which includes financial institutions, family offices, hedge funds and High Net Worth Individuals (HNWIs). In the meantime, Tokenize continues to expand its user base, both retail and institutional, in regional Asian markets. The company has seen its number of users leap to 250,000 in the first quarter of 2022.

Tokenize has effectively doubled the number of institutional users in the first quarter of 2022. The higher percentage growth of institutional investors is partly attributed to the growth of family offices and financial institutions in the island nation. It aims to increase the percentage of institutional investors to 50% of its total user base in the next 18 months.

Currently, Tokenize has users in Singapore, Malaysia, Thailand, and Vietnam, and is also looking into expanding to Taiwanese, Indonesian and Australian markets in the coming months. The exchange allows users to trade over 80 crypto currencies, and make payments via debit/credit card, direct bank transfer, StraitsX, GrabPay and Swap from Stablecoins.

A graduate of Nanyang Technological University, HONG Qi Yu, dabbled in the Ethereum blockchain to explore its smart contract utilities in early 2017 when he was still working for a fintech company. In late 2017, he founded Tokenize Xchange at the age of 27.

“We are encouraged by TKX’s hitting a market cap of $1 billion. This milestone signifies a growing acceptance of crypto investments in South East Asia, and it has certainly given us the confidence to expand to more regional markets in the coming months.” Said Mr. HONG. “In 2022, our focus is on growing institutional investors in the Singapore market, while continuing to provide excellent services to all our users. We will also continue to actively expand our presence in the regional markets. With the borders opening up, we are optimistic that we will achieve more growth, both in terms of user base and trading volume,” he said.

In Singapore, the firm currently operates under exemption from the Monetary Authority of Singapore, and has applied for a Digital Payment Token License. In April 2020, Tokenize became one of the first three digital asset exchange (DAX) operators to receive full approval from the Securities Commission Malaysia. 

In Malaysia, Tokenize is currently the second largest DAX by traded market share. Its growth in Malaysia has led to Kenanga Private Equity Sdn Bhd, the private equity arm of Kenanga Investment Bank Berhad, acquiring a 19.0 per cent equity interest in Tokenize’s Malaysian entity in February 2021.   

Media Contact:

Grace Zhou, Raffles Public Relations

Email:  grace@rafflespr.com.sg

Cell:    +65 91388458

About Tokenize Xchange

Tokenize Xchange (Tokenize) is a Singapore-headquartered digital exchange platform that allows the trading of digital assets in a safe and secure environment with competitive fees. 

Founded in 2017 in Singapore, the platform currently allows the trading of over 80 cryptocurrencies and is one of the few platforms in Singapore that allow users to buy cryptocurrencies in Singapore dollars. In Singapore, the firm currently operates under exemption from the Monetary Authority of Singapore, and has applied for a Digital Payment Token License. In April 2020, Tokenize was one of the first three digital asset exchange (DAX) operators to receive full approval from the Securities Commission Malaysia.

For further information about Tokenzie Xchange visit https://tokenize.exchange