Not many companies can be said to have been completely unaffected by the crypto winter. After all, the crash that began with the fall of Terraform Labs wiped trillions of dollars from the markets.
Even companies that were once hailed as giants in the crypto space have been brought to their knees.
Cryptocurrency exchanges have been one of the few companies that were consistently affected — Celsius all but abandoned its customers to try and save itself, Coinbase slashed its headcount, and even Hodlnaut has halted withdrawals and withdrawn from its application for a Major Payment Institution Licence in Singapore.
When we last checked in, Tokenize Xchange’s CEO Hong Qi Yu was already a crypto millionaire, as he splurges on a new condominium and Tesla car.
And it seems that far from having bad news to share, Tokenize Xchange is actually bringing some good news to the crypto community.
Staying warm during crypto winter
Despite the many companies that have been forced to press pause on hiring, or have even had to lay off employees, Tokenize Xchange has had no such issue. In fact, Hong credits the company’s conservative hiring policy and prudent spending with the company’s present strength and resilience.
The company has even managed to launch its own NFT marketplace, Elemint.
“What inspired us to create Elemint was the challenge of bringing NFT creators and NFT investors together in a single, secure ecosystem with plug and play ease of functionality,” said Hong.
While this idea itself is not the newest in the world, to launch in the peak of the crypto winter is a bold move, to say the least.
But what makes Elemint different is that unlike many other marketplaces, Elemint will feature both on-chain and off-chain elements for everyone.
Elemint seeks to empower NFT project owners and creators with low entry costs and we also want to eliminate the tech barrier to entry too. Project owners may list their NFTs via off-chain protocols and let the buyer foot the bill if they want to bring it on-chain.
– Hong Qi Yu, Tokenize Xchange CEO
In addition, Tokenize Xchange has already onboarded their own version of the Bored Ape Yacht Club NFTs, known as Poker Penguins. The project is an Ethereum-based NFT collection, with a set of 936 digital collectible penguins for minting.
However, the NFTs will also have additional functions, including entitling their owners to perks like coaching for NFT investments, community events, and more.
To add on, the company’s token, TKX also hit a significant milestone in May this year — it hit a market capitalisation of US$1 billion, making it a mid-cap cryptocurrency.
Complying with regulations
With all their progress, however, Tokenize Xchange still does not have a licence from the Monetary Authority of Singapore (MAS) to offer Digital Payment Token services in Singapore.
Instead, the company operates under an exemption, and is still in the process of applying for a Digital Payment Token Licence.
That being said, the company has already obtained full approval from the Securities Commission Malaysia for operations in Malaysia.
Hong also assured that Elemint, as an NFT marketplace headquartered in Singapore, will abide fully by Singapore laws protecting both assets and property.
Our platform has been created on the philosophy of both accountability and professional ethics. By holding ourselves to such high standards, we will ensure that Elemint’s users have a secure, enjoyable, and affordable experience — both buyers and creators included.
– Hong Qi Yu, Tokenize Xchange CEO
In compliance with MAS regulations, the company has begun to shift its focus from retail investors of cryptocurrencies to institutional clients. The number of institutional investors that Tokenize Xchange serves has actually doubled from 40,000 in 2021, to around 87,500 during the first quarter of 2022.
Towards a crypto-powered future
These successes, however, do not mean that Tokenize Xchange is satisfied with staying as it is. The company is actually looking to acquire further funding, and are planning expansions into Indonesia and Australia as well.
“We believe in focusing on our original markets first, so Southeast Asian countries are where we would like to focus our efforts.”
Tokenize Xchange has just secured US$11.5 million in a Series A funding round, and is currently preparing for a Series B funding round next year, where Hong hopes to raise a further US$300 million.
With the crypto winter in full swing, new launches are a rare sight — but for companies like Tokenize Xchange, where careful consideration and precise planning are the norm, it seems that the crypto winter is not necessarily bad news.
In fact, Hong has expressed that he is “excited at the larger talent pool which has now become available”.
Far from faltering at the sight of many giants of the crypto world encountering crises, the company has maintained a steady course, towards better products and offerings for its clients and customers, as well as the expansion of its customer base and business presence around the region.
“Just as Grab is the dominant player in ridesharing and food delivery in the APAC region, Tokenize Xchange wants to become the dominant player in the Web3 World”, envisioned Hong.
Featured Image Credit: Tokenize Xchange
