Tokenize Xchange Partners BitGo for Cryptocurrency Trading Transaction Insurance up to USD100 million

Date : 23-Jun-2020
Location: Kuala Lumpur


Tokenize Xchange,Digital asset exchange (DAX) operator.

Key Takeaways:

Tokenize Xchange takes further stringent measures to guard the safety and security of its users for cryptocurrency trading activities.


Tokenize Xchange, which is a Malaysia and Singapore based exchange,will now be using a combination of wallet set-ups and security features including both hot wallets and insured custody through BitGo Trust.


Hong Qi Yu, Chief Executive Officer and Chief Technology Officer of Tokenize, the partnership with BITGo will entail that all transactions via Tokenize Xchange will be insured and protected with a credible third party, covering up to USD100 million in value through a syndicate of insurers in Lloyd’s of London and the European Marketplace.

Tokenize Qi Yu Speaking
Tokenize Qi Yu Speaking

  • Recent trading surges in Malaysia and Singapore contributed by economy stimulus packages from both Malaysian and Singaporean governments.
  • BitGo is one of the largest and most established custodians for digital assets. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and institutional investors and spans more than 50 countries. It supports over 250 coins and tokens and processes over 20% of all global on-chain Bitcoin transactions.
  • This initiative by Tokenize Xchange to further secure its exchanges is backed by growing confidence in cryptocurrency as trading around the world has increased. Globally, one-third of institutions in the United States (US) and Europe are invested in cryptocurrencies as reported by Fidelity, which manages $2.46 trillion in assets.
  • That being said, concerns have also been raised with regulatory bodies in terms of various risks such as fraud and money laundering. In April this year, following an increase in the number of cryptocurrency complaints the regulator received, a warning was issued by SC to the public against investing in unauthorised digital asset exchange.
  • In addition, Tokenize utilizes BitGo Prime for its recently launched Prime Lending. The service, which offers the borrowing and lending of cryptocurrency, adds additional liquidity to the Tokenize Xchange group of companies.
Editor's Comments:
  • In the backdrop of COVID-19 and uncertainty, this is considered a good news.
  • Bitcoin peaked near the end of 2018 and cryptocurrency hasn't been doing all the well since then, many governments have banned cryptocurrency, which includes China, many startup companies went bust,and most altcoins have evaporated into thin air.
  • It is encouraging to see that the Malaysian and Singaporean governments are keeping cryptocurrency in view and are making allocations of regulations and compliance.
  • The offering will encourage more mainstream financial traders to participate in cryptocurrency trading, as well as the business sector to up adoption of digital payment via cryptocurrency.