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’s private equity division Kenanga Private Equity.
Tokenize Xchange offers trading services for major cryptocurrencies and is one of three licensed cryptocurrency exchanges regulated by the Malaysian Securities Commission. Tokenize Xchange is the second largest cryptoasset exchange in Malaysia in terms of market share.
Kenanga Investment Bank Berhad Managing Director Datuk Chay Wai Leong said:
“We are building a digital ecosystem to offer our clients 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 that other digital assets are inevitable in the future. ”
Kenanga is one of the largest financial services companies in Malaysia. The firm has also partnered with crypto-friendly Japanese retail giant Rakuten and maintains Rakuten Trade, a collaborative online stock trading platform in Malaysia.
As a reminder, last October, the Securities Commission of Malaysia (SCM) issued revised principles for regulating cryptoassets, including IEOs, as well as rules for digital asset custodians.