Singapore-headquartered cryptocurrency exchange Tokenize Xchange has received an undisclosed sum of investment from gaming and VC company Animoca Brands in its blockchain, Titan Chain, according to a release dated Sept 16.
The crypto exchange, which was founded in 2017 has yet to be awarded the full digital payment token services licence by the Monetary Authority of Singapore (MAS).
It operates under regulatory exemptions from the MAS, whereas it holds a full Digital Asset Exchange licence from the Securities Commission Malaysia.
This investment from Animoca Brands follows Tokenize’s recent US$11.5 million ($14.91 million) series A phase 2 funding and team expansion in Singapore, announced earlier in March.
The two companies say that they have further established a strategic partnership to enhance Tokenize’s blockchain infrastructure to expand its reach into high-growth markets. Animoca will list Tokenize’s native token TKX in its ecosystem, become it’s biggest node validator, and provide market-making services, the release notes.
In turn, Tokenize will be able to create new blockchain products in gaming and digital collectibles in the ecosystem, the release continues.
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Tokenize’s founder and CEO Hong Qi Yu says that this partnership “significantly enhances” their ability to innovate across DeFi, GameFi and non fungible tokens (NFTs), solidifying the company’s position as a leader in the digital asset space.
Animoca Brands, famous for its active investments into Web3 companies with over 540 portfolio investments, is responsible for games such as The Sandbox, Crazy Kings, and Crazy Defense Heroes.
