To accommodate demand and expand its clientele, Singapore-based cryptocurrency exchange Tokenize Xchange says it created a new platform called Tokenize Premier for institutional investors, including hedge funds and high-net-worth people.
Why have a crypto exchange?
According to the founder, who launched Tokenize Xchange in 2017 when he was an engineering graduate and had worked as a trader in the financial markets for four years, Tokenize Premier went online on November 1. It would cover options, derivatives, futures, and spot trading. According to Tokenize (1), it has 300,000 users, of whom 80% are retail traders. With Tokenize Premier, they aim to address that, Hong said in an email conversation with Forcast stating that these consumers are fairly under-represented right now.
What would change now?
According to Hong, institutional investors may make direct over-the-counter (OTC) trades using Tokenize Premier instead of the message and phone trading on the standard platform, which he described as "very old school" and akin to how FX trades were conducted in the 1990s. According to Tokenize, an OTC trade is any transaction involving more than USD 50,000. According to Hong, Tokenize Premier would offer finance, credit lines, and block trade quotations.
One of the few cryptocurrency exchanges with an exclusive license to operate in the city-state, Coinhako (2) is situated in Singapore and targets wealthy investors. To provide goods that meet the demands of institutional customers, "Coinhako Treasures" was founded. Blockchain.com and Coinbase, the two biggest U.S.-based cryptocurrency exchanges that gained in-principle permission from MAS last month, have stated that they will concentrate on serving institutional and corporate clients.
Family offices and high net worth individuals (HNWI) will lead the adoption of digital assets across Asia, according to a report by professional services company KPMG China and Hong Kong-based crypto asset management platform Aspen Digital. The survey's respondents gave the potential for benefits, institutional attention from the mainstream, and the meager returns of conventional financial instruments as justifications for their interest in digital assets.
Additionally, Tokenize had to create its own private Titan Blockchain. On October 10, when the blockchain's first block was issued and successfully executed, Tokenize's new Titan blockchain's backend was officially launched, according to Hong. For the project, the business is looking to recruit roughly 20 workers.
According to Hong in a previous interview, Tokenize now has roughly 100 people and hopes to increase that number to 1,000 in three years as it seeks to expand throughout Asia. They now operate on our blockchain technology and actively construct our ecosystem. He added that they anticipate it to be a major blockchain in a short time.