Kenanga Investment Bank Berhad, one of the largest financial services companies in Malaysia, has acquired a 19% stake in the regulated cryptocurrency exchange Tokenize Xchange.
According to the statement, Kenanga has entered into an agreement to acquire a 19% stake in the licensed cryptocurrency exchange Tokenize Xchange from its operator, Tokenize Technology. The investment was made through Kenanga owned by the private equity unit, as Well as Private Equity.
Tokenize Xchange offers trading services for major cryptocurrencies and is one of three licensed cryptocurrency exchanges regulated by the Securities Commission of Malaysia. Tokenize Xchange is the second largest crypto asset exchange in Malaysia in terms of market share.
Datuk Chay Wai Leong, Managing Director of Kenanga Investment Bank Berhad, said:
“We are creating a digital ecosystem to offer our customers a wide range of financial products and services, including crypto assets. Our interest in digital assets goes beyond bitcoin and other widely used cryptocurrencies. We believe that the underlying technology of crypto assets is very powerful and the emergence of other digital assets in the future is inevitable.”
Kenanga is one of the largest financial services companies in Malaysia. The firm is also partnering with cryptocurrency-friendly Japanese retail giant Rakuten and maintains a joint online stock trading platform, Rakuten Trade, in Malaysia.
Recall that last October, the Securities Commission of Malaysia (SCM) issued revised principles for the regulation of crypto assets, including IEO, as well as rules for custodians of digital assets.