The crypto industry managed to lure in many. A prominent financial firm in Malaysia is the latest to jump on the bandwagon. The price change of Bitcoin over the last two months along with the market cap of the industry hitting a whopping one trillion stood as a shimmering quotient for many. At the time of writing, Bitcoin was trading for a high of $47,969 with a 23.36% surge in the last 24-hours. The overall market cap of the crypto market was also at an all-time high of $1.37 billion.
Malaysia To Spruce Up Crypto Adoption
In a recent blog post, it was announced that the Kenanga Investment Bank Berhad had initiated a conditional agreement with a crypto exchange in the country through its entirely-owned private equity arm, Kenanga Private Equity Sdn Bhd. The agreement would allow the financial firm a 19% equity stake in the crypto exchange.
The Malaysian financial giant would reportedly pour its money into Tokenize Xchange’s Tokenize Technology, a crypto platform regulated by the Securities Commission of Malaysia. Tokenize Xchange is touted as the second-largest crypto exchange in the country and has been supporting an array of cryptocurrencies, the post suggested.
Speaking about the emergence of cryptocurrencies and digital assets in general, the Group Managing Director of Kenanga Investment Bank Berhad, Datuk Chay Wai Leong said,
“The emergence of digital assets including cryptocurrencies have been gaining acceptance globally in the last few years. While we are keen on crypto as an asset class, we are aware of the volatility and the proliferation of unregulated players in the market. We are therefore very pleased to be given the opportunity to invest in one of the three licensed digital asset exchanges in Malaysia.”
Furthermore, he pointed out that Kenanga’s interest wasn’t limited to commonly traded cryptocurrencies like Bitcoin. He suggested that digitalization and the emergence of digital assets were inevitable. With their latest partnership, Kenanga hopes to be at the forefront of this.
The CEO of Tokenize Malaysia, Hong Qi Yu, also addressed the same and said,
“The combined reach, expertise and resources is game-changing and will allow us to scale our presence in Malaysia. Together we will shape the digital asset landscape and build an exciting path forward for investors in the country.”