Tokenize Xchange, receives full approval by the Securities Commission Malaysia (SC) oaths further to stringent measures to safeguard the security of its users.
“We continue to tirelessly strive in the area of security. In driving such efforts, we have strengthened our relationship with BitGo, the global leader in digital asset financial services, as our custodian. What this means is that all transactions via Tokenize Xchange will be insured and protected with a credible third party, covering up to USD100 million in value through a syndicate of insurers in Lloyd’s of London and the European Marketplace.” – Hong Qi Yu, Chief Executive Officer and Chief Technology Officer of Tokenize.
BitGo is one of the largest and established custodians when it comes to digital assets. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and institutional investors and spans more than 50 countries. In addition, BitGo supports over 250 cons and tokens and processes over 20% of all global on-chain Bitcoin transactions.
An initiative taken by Tokenize Xchange to secure its exchanges is further supported by the growing confidence in cryptocurrency as the preferred trading method around the world has increased, drastically. Almost, one-third of institutions in the United States (US) and Europe invested in cryptocurrencies as reported by Fidelity, globally. With that being said, concerns have been raised with regulatory bodies in terms of various risks, i.e. money laundering. As an example, in the recent incident, a warning issued by SC to the public against investing in an unauthorized digital asset exchange.
“There are no doubt events to beware of and trading with a safe and secure platform, at which it is not paramount importance to trade on legitimate digital asset exchanges. With confidence building, we recently witnessed trading surges in Malaysia and Singapore with a regain in value stimulated by recovery packages being unveiled by the central governments amid the Coronavirus pandemic. This leads on to our next step to apply for a mandatory licensing under the Payment Service Act (PSA) in Singapore as we expand to both markets. We believe that the regulation and compliance are the keys to increase consumer’s confidence in digital assets and PSA will bring much-needed security and adherence for digital assets in neighboring Singapore.” – Hong Qi Yu, Chief Executive Officer and Chief Technology Officer of Tokenize.
Tokenize Xchange is an exchange in between Malaysia and Singapore, will be using a combination of wallet set-ups and security features, this includes hot wallets and insured custody through BitGo Trust. Additionally, Tokenize fully utilizes BitGo Prime that offers borrowing and lending of cryptocurrencies, thus, adds an additional liquidity to the Tokenize Xchange group of companies.