Crypto exchange Tokenize Xchange has received funding from Animoca Brands to launch its own blockchain network called “Titan Chain.”
Tokenize Xchange, a popular cryptocurrency exchange in Southeast Asia, has made significant progress in developing its Titan Chain blockchain network with a strategic investment from Animoca Brands, a prominent Hong Kong-based game software and venture capital company.
According to a press release on September 16, Animoca Brands, known for its involvement in blockchain gaming and the web3 space, has made an investment in Tokenize’s native token, TKX, and will provide market-making services to enhance liquidity and trading efficiency for TKX and other tokens in the ecosystem. The exact amount of the investment has not been disclosed.
As part of the funding agreement, Animoca Brands will also serve as the largest validator for Titan Chain, a blockchain network that is constructed on the Cosmos SDK and offers full compatibility with the Ethereum Virtual Machine, as stated in the press release.
Tokenize founder Hong Qi Yu highlighted the significance of this partnership, stating that it will greatly boost their capacity to innovate in the realms of DeFi, GameFi, and NFTs.
Established in 2017 and based 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 a previous funding round in March, the exchange secured $11.5 million in Series A funding from Trive Capital.
Read more: Animoca Brands’ gaming platform GAMEE secures funding from Pantera Capital