December 5, 2021

Major Malaysian financial firm to invest in regulated crypto exchange

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Kenanga Investment Bank Berhad, one of the largest financial services companies in Malaysia, is moving into the cryptocurrency industry with a new investment.

According to an official Feb. 8 announcement, Kenanga has entered into a conditional agreement to acquire a 19% equity stake in a licensed crypto exchange. The investment was facilitated through Kenanga’s fully-owned private equity arm Kenanga Private Equity.

According to the agreement, Kenanga will invest in Tokenize Technology, the operator of local crypto exchange Tokenize Xchange. Offering trading services for major cryptos like Bitcoin (BTC) and Ether (ETH), the platform is one of the three licensed digital asset exchanges regulated by the Securities Commission Malaysia. According to Kenanga, Tokenize Xchange is the second-largest digital asset exchange in terms of market share in Malaysia.

Datuk Chay Wai Leong, group managing director of Kenanga Investment Bank Berhad, said, “We have been building a digital ecosystem to offer our customers a wide spectrum of financial products and services, including digital assets.” 

“Our interest in digital assets goes beyond Bitcoin and other commonly tradedTitle: Major Malaysian financial firm to invest in regulated crypto exchange
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Published Date: Mon, 08 Feb 2021 10:21:03 +0000