Singapore-basedTokenize Xchange announces its partnership with Digix, a company based inSingapore to change the way users manage their physical assets. The partnershipconstitutes the listing of Digix Gold Token (“DGX”) on Tokenize Xchange and itsignifies the start of tokenising tangible assets in first, Singapore, then therest of the Southeast Asia market. DGX can be purchased and sold on TokenizeXchange using United States Dollar (“USD”) and Ethereum (“ETH”).
The partnershipwith Tokenize Xchange is the final piece of the puzzle for Digix, which hasalso partnered with two other Singaporean companies to provide its consumerswith a transparent model; users will be able to trace the origins of the goldthey purchase and where it will be safekept.
Tokenising Tangible Assets
Gold-backedtokens have been increasingly popular and digital gold currencies wereattempted before blockchain was invented. Although those early attempts werelargely unsuccessful, it surfaced user’s concerns that were questioned theusability of digital currencies. The feasibility of reintroducing gold-backedtokens has been greatly enhanced with the use of blockchain technology’sinfrastructure. Past problems with security, transparency, human errors andfrauds can now be addressed and users are now able to track the source, qualityand where their gold is stored. The conception of Digix came about as itsco-founders understood the lack of a stable coin with an intrinsic value andthat using blockchain, a new technology back then, will create a moretransparent tracking system for one’s assets.
Every DGX tokenrepresents 1 gram of 99.99% physical gold on Ethereum. Digix’s gold cast barscome from London Bullion Market Association’s (“LMBA”) approved refineries toensure the best standard for its users. Working with The Safe House Singapore,the gold is stored in their ISO 9001 certified vault, ensuring the highest formof security for Digix’s users. Digix also works with ValueMax, one of theoldest and best-established pawnbroking chains in Singapore, for its goldsupply. With ValueMax’s huge physical presence in Singapore, it further anchorsthe credibility and usability of owning DGX tokens.
Forging Greater Accessibility in Southeast Asia’sDigital Asset Dreams
The partnership comes at the back of Tokenize Xchange’s recentmilestone as one of only three approved Recognised Market Operator (“RMO”) bythe Securities Commission Malaysia to establish and operate Digital AssetExchanges (“DEX”) in Malaysia. While Tokenize Xchange has grown a loyalconsumer base in Singapore, its new extension in Malaysia as a separateplatform further consolidates its position as one of the leading exchanges inthe Southeast Asia market. With the safety, reputation and intimate reach ofTokenize Xchange in Malaysia, Digix stands a far better chance of targetingMalaysian clientele, genuinely interested in blockchain and or traditional goldinvesting.
Likewise, this partnership builds upon DGX’s reputation as thepreferred de-facto asset-backed token, and DGX’s availability as an e-paymentcurrency option across Singapore and Europe. Entering the Malaysian marketallows Digix to gauge the interest of Southeast Asia for digital assets ande-payment options.
“Digix’s plan to expand into more exchanges are one of our ways toincrease adoption into the traditional Gold retail customer base. TokenizeXchange expertise, particularly in the Malaysian market, gives us theopportunity to expand our reach into Southeast Asia. While at the same time,allowing us the flexibility to do so via traditional currencies.” Shaun, COO ofDigix.
Hong Qi Yu, CEOof Tokenize Exchange expressed, “It is always wonderful to work with aSingapore-based company which has a strong identity and great project visionlike Digix. I hope we will be able togive our local community an alternative to managing their physical assets andthat they see the value in what we are doing.”
TheSingapore-based exchange is in the midst of developing a Malaysian-exclusiveexchange and further updates will be given for the availability of the DGXtokens on the separate platform.
AboutTokenize Xchange| Tokenize Xchange
Tokenize Xchange is a simple and easy to useplatform which provides a fiat-crypto gateway while supporting a wide range ofcrypto-crypto pairs. Being an exchange with competitive rates and top-notchsecurity, Tokenize Xchange also has an Initial Exchange Offering (IEO) platformwhere projects with great potential are hand-picked to raise funds. The teamaspires to build the next generation digital currency exchange that supportsboth established and emerging digital currencies.
Digix, incorporated in Singapore in 2014, is theblockchain company behind the world’s first gold-backed digital asset class.The company has secured physical gold vaults located in Singapore and Canada. Apioneer in Singapore’s blockchain ecosystem, Digix was the first companyglobally to send a live transaction on the Ethereum network.
Shaun Djie, COO & Co-Founder of Digix
Shaun Djie is the co-founder of Digix and is also the founder of the Ethereum Singapore meetup group – one of the largest in the world with over 8,00 members. Shaun is currently a Technical Committee Board Member at the IT Standards Committee, organised by IMDA and Enterprise Singapore for Blockchain and Distributed Ledger Technologies, ISO/TC 307. Shaun is also a Regional Partner at Kenetic Capital, an institutional platform for blockchain advisory, technology and investment. He also co-authored Cryptocurrency Wizards (2018), a first of its kind book that covers the testimonials of movers and shakers in the Asian cryptocurrency ecosystem.
Hong Qi Yu, CEO of Tokenize Xchange
Qi Yu leads the company and the techteam in developing a robust, secure, and user-friendly platform. He has 4 yearsof professional IT experience in cybersecurity, system and solutionengineering. Qi Yu was one of the pioneer full stack developers at Bambu – aSeries A FinTech start-up and has accumulated4 years of experience in trading and managing investment portfolio acrossFOREX, equities, and digital currency.
As a tech enthusiast, Qi Yu has seen the rise of cryptocurrencies since the conception of Bitcoin. He has since merged his passion with his profession and combined the best of both worlds. Tokenize Xchange is the brainchild of Qi Yu in his vision to create a central community of decentralization; returning the ecosphere to its intimate and engaging roots.
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