Kenanga Investment Bank Berhad, one of Malaysia’s largest financial companies, is stepping into the cryptocurrency industry with new investments.
According to an official announcement on 8. In February, Kenanga entered into a conditional agreement to acquire a 19% stake in the licensed cryptocurrency exchange. The investment was made possible by the wholly owned subsidiary of Kenanga Private Equity.
As part of the deal, Kenanga will invest in Tokenize Technology, the operator of local cryptocurrency exchange Tokenize Xchange. The platform offers trading services for major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) and is one of three digital asset exchanges licensed and regulated by the Securities Commission of Malaysia. According to Kenangi, Tokenize Xchange is the second largest digital asset exchange by market share in Malaysia.
Datuk Chai Wai Leong, group director of Kenanga Investment Bank Berhad, said: We are building a digital ecosystem to offer our clients a wide range of financial products and services, including digital assets.
Our interest in digital assets goes beyond bitcoin and other popular cryptocurrencies. We believe the technology behind digital assets is very powerful and the rise of digital assets in the future is inevitable, he added.
A spokesman for Kenanga Investment Bank Berhad declined to give further details about the investment.
Kenanga is one of Malaysia’s largest financial companies and is said to be Malaysia’s largest independent investment bank in terms of volume and scope of equity trading. The company is a leading partner of Japanese cryptocurrency trading giant Rakuten, which offers a joint online share trading platform in Malaysia called Rakuten Trade.
In late 2020, the Securities Commission of Malaysia adopted new guidelines for digital assets. The rules, which are intended to apply to custodians of digital assets and IPOs, are designed to promote responsible innovation in the digital asset space, manage potential risks and protect the interests of issuers and investors.
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