Crypto exchange Tokenize Xchange secured funding from Animoca Brands to launch its own blockchain network dubbed “Titan Chain.”
Southeast Asia’s cryptocurrency exchange Tokenize Xchange — also known as Tokenize — has secured a major boost for its Titan Chain blockchain network through a strategic investment from Animoca Brands, a Hong Kong-based game software company and venture capital company.
In a Sept. 16 press release, Animoca Brands, known for its ventures in blockchain gaming and web3 space, announced that it would invest in Tokenize’s native token, TKX, and provide market-making services aimed at improving liquidity and trading efficiency for TKX and other tokens within the ecosystem. The amount of the investment was not disclosed though.
With the funding, Animoca Brands will also become the largest validator for Titan Chain, a blockchain network built on the Cosmos SDK with full Ethereum Virtual Machine compatibility, the press release reads.
Tokenize founder Hong Qi Yu emphasized the strategic importance of the investment, saying the partnership will “significantly enhance our ability to innovate across DeFi, GameFi, and NFTs […].”
Founded in 2017 and headquartered in Singapore, Tokenize operates under regulatory exemptions from the Monetary Authority of Singapore and holds a full Digital Asset Exchange license from Malaysia’s Securities Commission. In March, the exchange secured $11.5 million in Series A funding from Trive Capital.