Singapore, 16 July 2018 – Singapore’s leading cryptocurrency trading platform, Tokenize Xchange, has announced its Initial Coin Offering (ICO) sale.
Despite the sea of emerging ICOs and other blockchain based platforms, the access to such cryptocurrency tokens is still severely lacking. Enter Tokenize Xchange (“Tokenize”), which will tackle one of the biggest challenges within the cryptocurrency landscape – accessibility to cryptocurrency tokens. It will function as a safe and easy platform for people to trade various cryptocurrency tokens such as Bitcoin and Ethereum.
Lowering the Barrier to Entry for Cryptocurrency
Cryptocurrency is not going away no matter what the cynics say. According to CoinMarketCap, the size of the entire cryptocurrency market in 2017 was USD $600 billion, an enormous jump from USD $16 billion in 2016.
Singapore was also recently recognised as the world’s third-largest ICO launch pad in terms of money raised, after the United States and Switzerland, according to a report from information portal Funderbeam. Furthermore, The Monetary Authority of Singapore and The Association of Banks in Singapore also recently announced the successfully development of software prototypes in the use of blockchain technology for clearing and settlement of payments and securities.
Despite its dramatic rise in prominence in Singapore and across the globe, for new individuals, the barriers to entry faced when buying their ﬁrst cryptocurrency are very high. Some of the problems for new individuals include:
- Accessibility: The general uncertainty towards cryptocurrency is accentuated by the overall complexity of the technology and the accompanying lack of understanding. Purchasing cryptocurrencies is often a drawn-out process involving many steps from many different sources.
- Security risks: There is an inherent risk when dealing with any sort of asset via digitalised means, exchanges in the space have fallen victim to cyber-attacks or security loopholes over the past years. These breaches in security have resulted in millions of dollars’ worth of cryptocurrencies being siphoned to dishonest parties.
- Poor customer service: A major hindrance amongst the trading community is the onerous waiting time that one faces trying to address small issues regarding their accounts. Anyone will recount of the 3 to 4 week wait they experienced just trying to change a simple detail.
- Community disconnect: There is a gap amongst the digital communities present all over the web. Information provided in various communities are often not easily attainable and tend to be very scattered.
Tokenize solves these problems by providing frictionless accessibility to purchasing cryptocurrency while utilizing hybrid wallet mechanisms to ensure that the users digital assets are safely kept away from malicious attacks. Additionally, Tokenize employs round-the-clock customer service specialists to cater to the needs of each user on its platform. Lastly, Tokenize aims to build a consolidated platform that addresses the gap in community engagement. This is done by combining the informative communities of reddit with the warranting mechanisms of Facebook which is integrated into Tokenize’s very own Token Store, an all-in-one platform for individuals to educate themselves on various tokens.
Tokenize further differentiates itself by aiming to become the benchmark for market operators, implementing high level security measures, meticulous Know-your-customer (KYC) procedures and providing users a frictionless transaction experience through smart contracts and charging trading fees as low as 0.5%.
Tokenize Xchange also partners with rising blockchain projects that have the potential to add value to society and gives its users early access into these crowdfunding rounds. This gives the community a 2-way dynamic interaction and alleviates the need for many rounds of sign-ups, verifications and KYC/AML procedures. This is done by acting as the filterer for verifying credibility and viability of projects through an extremely strict and extensive grading criteria.
The Tokenize Xchange token (TKX) is an ERC20 token based on the Ethereum blockchain. However, Tokenize aims to eventually become an independent blockchain network based on their own Proof of Stake Protocol, the XChain.
Additionally, Accrelist, an SGX listed company, is working closely with Tokenize to further propel blockchain innovation in Singapore. Tokenize will also be working closely with traditional players in the payment industry aside from purely crypto related projects.
“As a forex and crypto trader previously, it was a pain not having functional access to ﬁnancial tools in the cryptocurrency space. Due to this problem, I decided to procure a solution through the birth of Tokenize Xchange. We see the platform as a megastore (much like Amazon) that allows users to buy, sell, trade, invest and educate themselves on blockchain and cryptocurrencies. We are excited at the growth of Tokenize and the great team of advisors that have allowed us to scale so quickly,” said Mr. Hong Qi Yu, Founder of Tokenize Xchange.
Tokenize is a Singapore-based Digital Currency Exchange founded in October, 2017. Tokenize Exchange exists to connect an autonomous community with a purpose — to bring financial democracy back to the people in an orderly ecosystem. It is not just merely about exchanging cryptocurrencies, but deep down, Tokenize aims to achieve is ultimately the exchange of ideas, knowledge, and values.
Visit them here – https://tokenize.exchange/